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Euro steadies against Japanese Yen as Eurozone PMIs beat forecasts
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FXStreet Forex & Commodities News
EUR/JPY trades broadly flat near 181.94 on Wednesday, up a marginal 0.01% as the cross pauses after a steady four-session recovery.
The pair has clawed back a significant portion of the collapse triggered by last week's Japanese intervention and the Bank of Japan's (BoJ) hawkish hold, with buyers gradually restoring a series of higher lows.
The Euro (EUR) drew support from a stronger-than-expected batch of final services surveys.
Germany's Services PMI was revised higher to 49.8 from 49.6, although it remains below the 50 threshold that separates expansion from contraction, while the German Composite PMI gauge improved slightly to 51.3.
The Eurozone Composite PMI rose modestly to 52 from the 51.9 flash reading, pointing to a gradual private-sector recovery led by the periphery.