14 Jan 2016
EUR/JPY trims gains after ECB minutes
FXStreet (Córdoba) - EUR/JPY came under pressure and retraced intraday gains following release of the European Central Bank minutes of the December meeting.
ECB minutes show some members wanted bigger rate cut
Minutes revealed that some members were looking for a bigger cut, 20 bps, on the deposit rate when the bank ended up cutting by 10 bps to -0.3%. The minutes said that a 10 bps cut in the deposit facility "was seen as unlikely to trigger material negative side effects and was also seen as having the advantage of leaving some room for further downward adjustment, should the need arise."
EUR/JPY fell to the 128.20 zone from around 128.60 before the minutes, trimming daily gains. At time of writing, the pair is trading at 128.25, still up 0.19% on the day, having struck a high of 128.74 earlier on the day.
ECB minutes show some members wanted bigger rate cut
Minutes revealed that some members were looking for a bigger cut, 20 bps, on the deposit rate when the bank ended up cutting by 10 bps to -0.3%. The minutes said that a 10 bps cut in the deposit facility "was seen as unlikely to trigger material negative side effects and was also seen as having the advantage of leaving some room for further downward adjustment, should the need arise."
EUR/JPY fell to the 128.20 zone from around 128.60 before the minutes, trimming daily gains. At time of writing, the pair is trading at 128.25, still up 0.19% on the day, having struck a high of 128.74 earlier on the day.