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14 Feb 2013
Forex: EUR/JPY plunges almost 100 pips after German GDP
Having gone as high as 125.95 ahead of the German preliminary GDP Q4, the EUR/JPY dived below the opening price of 125.66 in reaction to quarterly recession in both Germany and France. The cross is being held around 125.15, with a low printed at 125.02.
In Germany, economic growth might have eased from 0.4% to 0.1% (YoY), below 0.2% consensus, with a quarterly recession of -0.6% (consensus of -0.5%). The quarterly recession in France was of -0.3%. French Nonfarm Payrolls contracted -0.2% in Q4 (flash), as expected.
On the Yen side, according to UBS analysts, more volatile than the BoJ decision were remarks by Kazumasa Iwata, one of the candidates for BoJ Governor: "He reportedly said that a yen correction is needed to reach the 2% inflation target, and that USDJPY in the range of 90-100 is just a return to equilibrium", wrote analysts Geoffrey Yu and Gareth Berry.
"We have a minor level at 124.75 and while above here the market will remain capable of retesting the 127.71/93 resistance, where we again look for failure", wrote Commerzbank analyst Karen Jones, pointing to support below at 122.50 and then at 120.03. "We look for these to hold the downside and provoke recovery", she added.
In Germany, economic growth might have eased from 0.4% to 0.1% (YoY), below 0.2% consensus, with a quarterly recession of -0.6% (consensus of -0.5%). The quarterly recession in France was of -0.3%. French Nonfarm Payrolls contracted -0.2% in Q4 (flash), as expected.
On the Yen side, according to UBS analysts, more volatile than the BoJ decision were remarks by Kazumasa Iwata, one of the candidates for BoJ Governor: "He reportedly said that a yen correction is needed to reach the 2% inflation target, and that USDJPY in the range of 90-100 is just a return to equilibrium", wrote analysts Geoffrey Yu and Gareth Berry.
"We have a minor level at 124.75 and while above here the market will remain capable of retesting the 127.71/93 resistance, where we again look for failure", wrote Commerzbank analyst Karen Jones, pointing to support below at 122.50 and then at 120.03. "We look for these to hold the downside and provoke recovery", she added.