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EUR/JPY with a new six-month low after the weak European data

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Poor PMI data from Europe led to a large depreciation of the euro, but this also contributed to the well-appreciated yen. The German manufacturing sector reflected further contraction, the biggest slowdown in activity in seven years. This is further compounded by the presumption that the ECB will announce incentives tomorrow.

The OIS market estimates the ECB's chance to cut interest rates tomorrow by 10 points to 47%.

On the currency pair, yesterday's breakthrough of long-term resistance marked in red, the price recorded a lower bottom. Sellers are already directing the price to the zone at 120.

The appreciation of the yen is due to weak data, which continue to show that global economic conditions are deteriorating. This, in addition to lower bond yields, feeds the yen.


 Trader Martin Nikolov

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