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Despite encouraging Japanese data, the EUR/JPY crosses above 142.00, with attention turning to German Retail Sales

Alina Haynes

Sep 30, 2022 11:03

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The Euro Japanese Yen currency pair has shown a meteoric surge after breaking above the 140.00 round figure. During today's Asian trading session, the asset has broken out to the north on a vertical basis, surpassing the nearby level of resistance at 142.00. There has been little selling pressure on the cross since the release of upbeat Japanese economic numbers.

 

The unemployment rate in Japan has remained below the 2.6% mark that was previously announced, in line with forecasts. The ratio of available jobs to applicants rose to 1.32 from 1.30 in forecasts and 1.29 in prior reports.

 

Meanwhile, the latest numbers for retail sales show a sharp increase to 4.1%, well above both the projected 2.8% and the prior result of 2.2%. Positive signs regarding retail demand in the Japanese economy have emerged as a result of the Bank of Japan's continuous monetary stimulus measures (BOJ). The Bank of Japan (BOJ) thinks that in order to restore the growth rate seen before the outbreak, artificial economic stimulants are required. The yearly fall in Industrial Production has reversed, and now stands at -2%.

 

As a result of European Central Bank President Christine Lagarde's hawkish views, the bulls of the shared currency are doing well (ECB). The ECB has already given very detailed recommendations, therefore it is expected that it will tighten its policies even further. At its upcoming monetary policy meeting, the European Central Bank (ECB) is expected to raise its interest rate by 125 basis points (bps).

 

Consumer confidence in the Eurozone has dropped to -28.8, which is in line with projections and the prior survey but still negative. Future attention will be paid to the German Retail Sales numbers. Compared to the previous report, which predicted a 2.6% annual loss, the current research predicts a 5.1% annual decline in economic data.


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