- The outlook for the euro has improved due to the favorable third-quarter GDP figures for the euro zone, so the euro/yen pair is expected to rise further above 166.00.
- The German economy is back to growth, rising by an astonishing 0.2% in the third quarter of this year.
- Investors are awaiting the Bank of Japan meeting for clues about the outlook for the yen.
The EUR/JPY pair is aiming for a sustainable break above 166.00 in Wednesday's European session. The cross is aiming for further gains as the outlook for the euro (EUR) has improved following a series of economic indicators from the eurozone and its key regions.
today's euro price
The table below shows the percentage change of the Euro (EUR) against the major listed currencies today. The euro was the strongest against the British pound.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.16% | 0.23% | -0.28% | -0.01% | -0.28% | -0.30% | -0.06% | |
| EUR | 0.16% | 0.40% | -0.12% | 0.15% | -0.13% | -0.14% | 0.10% | |
| GBP | -0.23% | -0.40% | -0.52% | -0.24% | -0.52% | -0.54% | -0.28% | |
| JPY | 0.28% | 0.12% | 0.52% | 0.27% | -0.01% | -0.03% | 0.22% | |
| CAD | 0.00% | -0.15% | 0.24% | -0.27% | -0.28% | -0.29% | -0.04% | |
| australian dollar | 0.28% | 0.13% | 0.52% | 0.00% | 0.28% | -0.01% | 0.23% | |
| new zealand dollar | 0.30% | 0.14% | 0.54% | 0.03% | 0.29% | 0.00% | 0.25% | |
| swiss franc | 0.06% | -0.10% | 0.28% | -0.22% | 0.04% | -0.23% | -0.25% |
The heat map shows the percentage change between major currencies. The base currency is selected from the left column and the quote currency is selected from the top row. For example, if you select EUR from the left column and move along the horizontal line to USD, the percentage change displayed in the box represents EUR (Basic)/USD (Quote).
According to preliminary figures for the euro zone's gross domestic product (GDP), the economic growth rate in the third quarter of this year was 0.9% compared to the same period last year, compared to the expected 0.8% growth and 0.6% in the April-June period. % growth. GDP growth for the quarter was 0.4%, double the forecast and 0.2% previously announced.
Meanwhile, a return to growth in the German economy after contraction in the second quarter also boosted the euro. Germany's economy unexpectedly grew by 0.2%, while economists had expected a steady 0.1% decline. Preliminary harmonized consumer price index results for six German states also beat expectations, prompting traders to refrain from dovish bets on the European Central Bank (ECB) ahead of its December meeting.
According to market expectations, the probability that the ECB will cut deposit facility rates by 50 basis points (bps) in December has fallen from 45% to 22% after the release of GDP and inflation data.
In Tokyo markets, investors are awaiting Thursday's Bank of Japan (BOJ) policy meeting. The Bank of Japan is expected to keep interest rates unchanged at 0.25%. Japan has been on the decline recently, with traders questioning the sustainability of the economy after the Liberal Democratic Party (LDP) failed to win a majority in national elections, and market expectations that the Bank of Japan would not be able to raise interest rates further. The yen (JPY) continues to be under pressure.
Signs of hawkish interest rate guidance should encourage a strong recovery in the Japanese yen, but the downside will be limited if the Bank of Japan continues to rely on future data.
economic indicators
Gross Domestic Product (YoY)
Gross domestic product (GDP), published quarterly by Eurostat, is a measure of the total value of all goods and services produced in the euro area over a given period. GDP and its key aggregates are one of the most important indicators of the health of the economy. The YoY measure compares economic activity in a reference quarter to the same period a year ago. Generally, an increase in this indicator is bullish for the euro (EUR), while a low value is considered bearish.
read more.
Final release: Wednesday, October 30, 2024 10:00 (Prel)
frequency: quarterly
Actual: 0.9%
consensus: 0.8%
Previous: 0.6%
sauce: eurostat
