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EURJPY is trading below 146.50 as hawkish ECB bets increase

Daniel Rogers

Nov 10, 2022 18:40

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Following a modest decline to approximately 146.40 during the Tokyo session, the EURJPY pair has witnessed resumed purchasing. Once the cross above the immediate barrier of 146.70, the trend may change to a positive trajectory. S&P500 futures have significantly risen as the positive risk urge gains strength. In addition, long-term US Treasury yields are under pressure due to greater expectations of a lower Federal Reserve (Fed) rate hike than in the past.

 

As bets on a hawkish monetary policy by the European Central Bank (ECB) have strengthened, the Shared Currency bulls are gaining ground. As the Harmonized Index of Consumer Prices (HICP) lingers near double digits, Christine Lagarde, president of the European Central Bank (ECB), may decide to continue raising interest rates.

 

A research conducted by the ECB to assess consumer inflation expectations, assuming respondents continue to anticipate inflation of 3% in three years and 5.1% in the coming year.

 

During an interview in Riga, Bloomberg reported that ECB Governing Council member Martins Kazaks prefers not to dictate an interest rate ceiling. He added that borrowing costs "remain substantially below where they should be" and must rise to levels that reflect monetary tightening, not just a reduction in stimulus.

 

In the meantime, Governor Haruhiko Kuroda of the Bank of Japan (BOJ) has remarked that it is premature to consider the end of ultra-dovish interest rate policy. In an effort to raise aggregate demand, the administration has unveiled two distinct stimulus measures this week. Therefore, it looks unlikely that an ultra-dovish monetary policy will be abandoned.


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