EUR/JPY: Negative growth outlook favours downside – ING EURJPY ECB Growth Banks
“EUR/JPY typically tends to be positively correlated with the global growth cycle – and clearly the cycle is not looking good.”
“Fiscal efforts by governments to offset the energy crisis at both the consumer and business level will struggle to prevent economies entering recession. The recent hawkish turn from the“Our EZ macro team looks for just a 75 bps ECB tightening cycle this year – compared to 166 bps of tightening expected by the market. If correct, that should leave the euro vulnerable this autumn.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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