- EUR/JPY sees further upside above 166.00 as preliminary Eurozone Q3 GDP has improved the outlook for the Euro.
- The German economy is growing again, surprisingly increasing by 0.2% in the third quarter of the year.
- Investors await the BoJ meeting for clues on the Yen’s prospects.
The EUR/JPY pair is aiming for a sustainable break above 166.00 in the European session on Wednesday. The cross is struggling to gain more ground as the outlook for the Euro (EUR) has improved following a series of economic data from the Eurozone and its main regions.
Euro PRICE Today
The table below shows the percentage change of the Euro (EUR) against the main currencies today. Euro was the strongest currency against the Pound sterling.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
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% | |
AUD | 0.28% | 0.13% | 0.52% | 0.00% | 0.28% | -0.01% | 0.23% | |
NZD | 0.30% | 0.14% | 0.54% | 0.03% | 0.29% | 0.00% | 0.25% | |
CHF | 0.06% | -0.10% | 0.28% | -0.22% | 0.04% | -0.23% | -0.25% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent EUR (base)/USD (quote).
Preliminary Eurozone Gross Domestic Product (GDP) data shows the economy expanded 0.9% year-on-year in the third quarter of the year, faster than estimates of 0.8% and 0.6% growth in the April-June period . Quarterly GDP growth was 0.4%, double estimates and the previous release of 0.2%.
Meanwhile, the German economy’s return to growth after a contraction in the second quarter has also strengthened the Euro. The German economy unexpectedly grew by 0.2% while economists estimated a steady decline of 0.1%. Furthermore, the preliminary harmonized index of consumer prices in six German states has been higher than expected, prompting traders to reduce dovish bets on the European Central Bank (ECB) for the December meeting.
According to market expectations, the probability that the ECB will reduce its deposit facility rate by 50 basis points (bps) in December has decreased to 22% from 45% after the release of GDP and inflation data.
On the Tokyo front, investors await the Bank of Japan (BoJ) policy meeting on Thursday. The BoJ is expected to leave interest rates unchanged at 0.25%. Lately, the Japanese Yen (JPY) has remained under pressure due to market expectations about the BoJ’s inability to raise interest rates further, as traders doubt economic sustainability after the Liberal Democratic Party (LDP) ) failed to obtain a majority in the national elections.
Signs of a hawkish interest rate stance would lead to a strong recovery in the Japanese Yen, while the downside would be limited if the BoJ remains dependent on incoming data.
Economic indicator
Gross Domestic Product sa (YoY)
The GDP published by the statistics office of the European Commission Eurostat It is an estimate of the total value of goods and services produced in the Eurozone. GDP is considered a measure of global economic activity and indicates the rate of growth of a country’s economy. A reading above expectations is bullish for the euro, while a reading below is bearish.
Last post:
Wed Oct 30, 2024 10:00 (Prel)
Frequency:
Quarterly
Current:
0.9%
Dear:
0.8%
Previous:
0.6%
Fountain:
Eurostat
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.