EURJPY Rises Near 162.00: Japan's Trade Deficit and Eurozone PMI Implications
Tuesday, 20 August 2024, 22:46
EURJPY Movement Explained
The EURJPY cross has registered an upward shift, now hovering around 162.00. This rise can be largely linked to Japan's unprecedented trade deficit which puts downward pressure on the Japanese Yen (JPY). As economic data unfolds, the reaction of the EURJPY cross will be significant for market players.
Macroeconomic Indicators Impacting Currency Pairs
The Eurozone PMI is on traders' radars as they gauge its influence on the EUR's strength against the JPY. A weaker PMI reading can bolster the impact of Japan's economic challenges, raising volatility in the forex market.
- The trade deficit in Japan has reached unprecedented levels.
- Eurozone economic indicators, especially PMI, play a crucial role.
- Monitor geopolitical factors that can alter currency trends.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.