This growth prompted rumours that the Bank of Japan had reduced its purchases of Japanese 10-to-25-year government bond and 25-to-40-year bonds each by 10bn JPY (88.39m USD) this are factors affecting currency rates. Traders interpreted this as a slight tightening of monetary policy. These rumours were later quashed.
By the end of the week, the pair had recovered to 135.39. Other factors strengthening the euro include the recently published minutes of the ECB’s latest meeting on monetary policy as well as the breakthrough in coalition talks in Germany. This news pushed German bond yields up, bringing the euro along with them. The minutes revealed that the ECB may start curtailing is QE program sooner than planned.
After buyers broke through the 134.50 resistance and reached their intermediate target of 136.00, the road towards 139 opened up (162% of the 114.85 – 124.08 range). We could see a pullback before the rally recommences. If the price exits the 1-1 channel, the rally will not resume.
By the end of the week, the pair had recovered to 135.39. Other factors strengthening the euro include the recently published minutes of the ECB’s latest meeting on monetary policy as well as the breakthrough in coalition talks in Germany. This news pushed German bond yields up, bringing the euro along with them. The minutes revealed that the ECB may start curtailing is QE program sooner than planned.
After buyers broke through the 134.50 resistance and reached their intermediate target of 136.00, the road towards 139 opened up (162% of the 114.85 – 124.08 range). We could see a pullback before the rally recommences. If the price exits the 1-1 channel, the rally will not resume.
EUR/JPY: the pair had recovered to 135.39
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