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Rehn Pushes Back Against YCC, Slew Of ECB Colleagues Due To Speak Today

EURJPY

EUR/JPY rallied through resistance from Jan 19 high of Y126.21 last Friday. The start of this week has seen the rate enter consolidation mode, EUR/JPY currently trades at Y126.35, little changed on the day.

  • Over the weekend, ECB's Rehn told YLE TV1 that YCC would not be a sensible policy option for the ECB, as the eurozone has at least 19 different yield curves.
  • German Health Min Spahn told Bild that Berlin has ordered 200,000 doses of monoclonal antibody medication which was used to treat then-U.S. Pres Trump from Covid-19.
  • JDD reported that France will enter another lockdown "within days," possibly on Wednesday night. Renewed lockdown could last at least three weeks.
  • In Italy, everyone is looking to a key Senate vote likely to take place Wednesday or Thursday. Should PM Conte fail to secure support of a few more Senators, he might be unable to hold onto power.
  • Portugese citizens went to the polls over the weekend and re-elected Pres Marcelo Rebelo de Sousa for another five-year term.
  • A move through Jan 12 high of Y126.87 would give bulls a green light for targeting Jan 7/Mar 1, 2019 highs of Y127.49/50. Bears need a pullback under Jan 18 low of Y125.09 before taking aim at the 100-DMA at Y124.81.
  • Focus in the eurozone moves to German IFO Survey, a speech from EU Justice Commissioner on the rule-of-law mechanism and remarks from a slew of ECB members. Pres Lagarde and colleagues Panetta, Lane, Makhlouf and Weidmann are set to speak.
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