EUR/JPY trades weaker near 160.90 in Friday’s early European session.
The German Harmonized Index of Consumer Prices (HICP) rose 3.1% YoY in January, in line with market expectations.
The Japanese Yen was further weakened by dovish comments from Bank of Japan (BoJ) policymakers on Thursday.
The EUR/JPY cross snap a two-day winning streak below the 161.00 psychological mark during the early European session on Friday. The cross attracts some intraday sellers following the German inflation data. Investors await German Buba President Nagel's speech later on Friday for fresh catalysts. At press time, EUR/JPY is trading at 160.90, down 0.02% on the day.
The latest data from the German statistics office Destatis on Friday showed that the German Harmonized Index of Consumer Prices (HICP) rose 3.1% YoY in January. This figure was in line with market expectations. On a monthly basis, the nation’s HICP dropped 0.2% MoM in January from a 0.2% decline in December. Additionally, the headline Consumer Price Index (CPI) came in at 0.2% MoM and 2.9% YoY in January.
European Central Bank (ECB) Governing Council member Martins Kazaks said investor hopes for monetary easing at one of the next two meetings might be too aggressive. Kazaks further stated that he will wait until the inflation story is over, and then he will consider rate cuts step by step. Meanwhile, ECB Chief Economist Philip Lane and ECB policymaker Pierre Wunsch said that they prefer to wait for more data before cutting rates
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