EUR/JPY holds positive ground above 168.00, Eurozone recession ends

EUR/JPY gains ground near 168.25 in Wednesday’s early European session. The Eurozone GDP numbers came in better than expected, expanding 0.3% QoQ in Q1 2024. The risk-off mood might boost the safe-haven JPY and cap the cross’s upside. The EUR/JPY cross trades in positive territory for the second consecutive dayaround168.25 during the early European trading hours on Wednesday.

The stronger-than-expected Eurozone economic data indicated that the need for the ECB to cut the interest rate is less urgent than previously expected.This, in turn, providessome support tothe Euro and creates a tailwind for the EUR/JPY cross. The divergence in monetary policy between the ECB and the Bank of Japan weighs on the Japanese Yen against the Euro. The BoJ kept interest rates steady around zero last week. However, uncertainty about future rate hikes led to a further decline in the JPY.

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