EUR/JPY maintains sustainability above 150.00 despite fears of Eurozone recession deepen – by Sagar_Dua24 EURJPY ECB BOJ Recession Inflation
ratesThursday’s final Eurozone Q1 Gross Domestic Product data showed that the growth rate in the shared continent contracted by 0.1% while the market participants were estimating a stagnant performance. In the fourth quarter of CY2022,It is worth noting that the German economy is already in recession considering the fact that the nation registered two consecutive contractions in quarterly GDP numbers. Therefore, the odds of the Eurozone falling into a recession are skyrocketing.
Somewhere in the battle of higher interest rates and higher inflation, the shared continent is losing.will hike its key interest rates by 25 basis points on June 15 and again in July before pausing for the rest of the year. Meanwhile, ECB Governing Council member Francois Villeroy de Galhau said “There is really a slowdown in inflation,” He further added, “2023 GDP growth should be at least 0.6%.”
The Japanese Yen is failing to get an upper hand as investors are anticipating that Bank of Japan Governor Kazuo will keep policy unchanged next week. The street believes that BoJ Ueda is consistently reiterating the need for monetary stimulus to keep inflation steadily above 2%, which could be achieved by higher wages and robust households demand.
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