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EUR/JPY takes a hit following ECB comments
Since the last update here the price of Brent crude has fallen further and dipped to around $103.50. The dollar is no lower versus Europe though, but the DAX has now rebounded back above 25,550, which is a perfectly logical reaction given the lower oil price. At the same the EUR/USD has fallen back below 1.16, despite the USD/JPY not rising.
The upshot of all this in terms of the FX markets is a move lower in the EUR/JPY. Earlier today the EUR/JPY was trading as high as 179.54. It has since fallen back to 178.55 and that is by some margin the biggest move within the major cross rate pairings. The reason for the fall could stem from ECB comments not so long ago suggesting the ECB should not hike rates further and that has sent the EUR/USD back to session lows and further dented the EUR/JPY in the process. The EUR/JPY is right now at 178.59
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