EU Industrial Production w.d.a. (YoY): -2.4% in Dec; 0.7% (MoM)
Feb 13, 2013
Forex Flash: EUR/JPY may drag EUR/USD lower – BTMU
Derek Halpenny, European Head of Global Market Research at the Bank of Tokyo Mitsubishi UFJ feels that if the yen is to correct stronger then this could have some influence on EUR/USD with EUR/JPY sales potentially dragging EUR/USD lower too.
The Asian session pushed the Yen higher, probably in reaction to the G7 FX communiqué and following headlines, sending the EUR/JPY down to 124.78 low. However, the cross was able to fully retrace such losses and return to 125.75 opening price. Still, the market has been rejecting a move higher, with the pair finding its high at 125.89.