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EUR/JPY Forecast for  November 18, 2020

The euro is still under pressure against the Japanese yen today, despite news of a vaccine supposed to reduce risks to markets and currencies such as the Japanese yen and the Swiss franc.

EUR/JPY, EUR/JPY Forecast for  November 18, 2020

In contrast, the global increase in new coronavirus infections and Europe’s lockdown by early December and its effects on the economy are much stronger. Today’s news The Consumer Price Index confirmed the forecasts and coincided with -0.3% for October’s month.

We can expect that the next reports for November and December will be bad due to Europe’s lockdown. The coronavirus vaccine does not change the game, said Christine Lagarde, the president of the European Central Bank; they have cooled investors’ enthusiasm.

The ECB has already included immunization against the virus in 2021 as part of its prospects and remains concerned about the current spread of the disease.

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Japan’s coronavirus situation is much more stable, but it is noticeable that the number of newly infected is slowly rising.

Of the more important news for the Japanese yen, we had a better trade balance than forecast. We also had a statement this morning: “It is inappropriate to end ultralight policy too soon before the economy continues its sustainable recovery path and reaches the 2% inflation target,” Bank of Japan Governor (BOJ) Haruhiko Kuroda said.

Also, He said that the Bank of Japan supports regional banks as a prudential policy, which is not subject to a monetary policy meeting, explaining that BoJ’s support measures to regional banks will not affect monetary policy.

Moreover, it is too early to discuss a way out of the current monetary easing. The Japanese government does not plan an immediate tax increase to reimburse the costs of responding to the coronavirus, Finance Minister Taro Aso said at an information briefing on Wednesday.

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