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7 Feb 2013
Forex: EUR/JPY trims part of steep losses
After losing nearly 300 pips in the wake of Mario Draghi's comments, EUR/JPY finally found support and managed to cut a slight part of its steep losses during the American session.
EUR/JPY bounced from a low of 124.46 back above the 125.00 mark in recent dealings as risk aversion eased a tad. At time of writing, EUR/JPY is quoting around 125.25, still down 1.0% on the day.
The shared currency was heavily sold as ECB President Draghi talked down the euro today at a press conference. He said that even though the exchange rate isn't a policy target, the ECB would monitor the euro's level to see if it alters inflation risks.
EUR/JPY bounced from a low of 124.46 back above the 125.00 mark in recent dealings as risk aversion eased a tad. At time of writing, EUR/JPY is quoting around 125.25, still down 1.0% on the day.
The shared currency was heavily sold as ECB President Draghi talked down the euro today at a press conference. He said that even though the exchange rate isn't a policy target, the ECB would monitor the euro's level to see if it alters inflation risks.