Pulls Back From Multi-Year Highs

EUR/JPY popped higher into the Tokyo fix and continued to creep higher, topping out at Y130.29, the highest level since Oct 2018. The pair has shed the bulk of its earlier gains since and last sits at Y130.03, little changed on the day.

• Main focus on Thursday fell on the latest MonPol decision from the ECB, which pledged to ramp up the pace of bond buying. That said, BBG sources suggested that policymakers "have no intention of expanding their EUR1.85tn emergency stimulus programme."
• A number of European countries suspended vaccinations with the AstraZeneca jab, citing safety concerns amid investigations into possible blood clots. The European Medicines Agency poured cold water on these worries, noting that there are currently no reasons to suspect that the vaccine has caused the conditions which prompted some countries to sound the alarm.
• German Federal Constitutional Court has received another law suit filed by 16 individuals over the ECB's PEPP programme.
• A dip through Mar 8 low of Y128.78 would allow bears to set their sights on Y128.19, which represents the low print of Mar 2 & key near-term support. Bulls look for a jump above the 1.236 proj of the Jun - Sep - Oct 2020 price swing at Y131.22.
• EZ industrial output, final German & Spanish CPIs, Italian unemployment & Spanish retail sales take focus in the Eurozone today.