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Consolidating Post-ECB Losses

EURJPY

EUR/JPY trades flat at Y129.72, consolidating losses registered Thursday after ECB Pres Lagarde brushed away the idea of the ECB paring back stimulus as "premature" and hailed the impact of negative interest rates.

  • Lagarde acknowledged that "economic activity may have contracted again in the first quarter of this year" but said that data "point to a resumption of growth in the second quarter."
  • Wirtschaftswoche reported that 27% of surveyed German business leaders would support Greens' Baerbock in her bid for chancellorship, with just 14% backing CDU leader Laschet.
  • Bears look for a dip through Apr 8 low of Y129.57 before targeting the 50-DMA/trendline support at Y129.41/37. Conversely, a rally above Apr 20 high of Y130.97 would expose the 1.236 proj of the Jun - Sep - Oct 2020 price swing at Y131.22.
  • PMI data from several EZ countries, the ECB's Survey of Professional Forecasters & comments from ECB Pres Lagarde headline the regional docket today.
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