Market players await the German Gross Domestic Product (GDP) for the third quarter (Q3), which is estimated to contract 0.3% QoQ versus 0.2% expansion in the previous reading. The worse-than-expected data could drag the EUR lower as Germany is the largest economy in Europe.
On the JPY’s front, the Bank of Japan monetary policy meeting will be the highlight this week. Some speculate that the BoJ may tweak its yield curve control (YCC) approach. According to a Reuters poll, economists anticipate the BoJ will end its negative interest rate policy next year, with more now expecting the central bank to abandon its ultra-accommodative monetary policy.
Market players will monitor the German Gross Domestic Product (GDP) for the third quarter (Q3) due later on Monday in the European session. Also, the preliminary Spanish Consumer Price Index (CPI) for October and the German CPI will be released. The focus will shift to BoJ’s monetary policy decision on Tuesday. This event might trigger volatility in the financial markets and give a clear direction to the EUR/JPY cross. EUR/JPY
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