EURJPY has likely bottomed, now on track to rebound - BNPP

Research Team at BNP Paribas, suggests that the main data release on Wednesday is Eurozone February industrial output where our economists expect a decline of 0.6% m/m.

Key Quotes

“However, this would still be consistent with an overall IP rise of 0.7%-0.8% q/q in Q1, one of the stronger readings in recent years.

Our expectations that the BoJ is more likely to react to currency strength that the ECB has been bolstered by comments from BoJ’s Harada overnight. EURJPY should rebound and we remain long.”