EUR/JPY moves above 173.00, reacts positively to Le Pen National Rally’s sweep

EUR/JPY gains upside traction as sentiment improves to the far-right sweep in the first round of the French election.

Eurozone Manufacturing PMI was revised higher to 45.8 in June but remained below the survey average of 51.6. The Japanese Yen may limit its downside as an upbeat Japan’s business confidence data lifts market sentiment. The Euro has gained upside traction as the traders reacted positively to the far-right sweep in the first round of the French snap election on Sunday.

Eurozone Manufacturing PMI was revised higher to 45.8 in June from a preliminary estimate of 45.6. Still, the PMI remains well below the survey average of 51.6, with output contracting at the fastest rate so far this year. European Central Bank Governing Council member Olli Rehn suggested last week that the central bank might cut interest rates twice more this year.

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EUR/JPY tracks lower on French election fears and BoJ ending QEThe EUR/JPY is trading down over a third of a percent in the 167s on Friday, as French-election jitters weigh on the Euro (EUR) whilst the Japanese Yen (JPY) gains support from the prospect of the Bank of Japan (BoJ) winding down its quantitative easing (QE) programme.
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