EUR/JPY saw a recovery on Monday, rising over half a percent to trade in the 165.60s. This was driven by a stronger Euro following an upward revision to the final estimate for April Eurozone Services PMI. The Eurozone Services PMI for April was revised up to 53.3 from a preliminary estimate of 59.9, indicating positive growth. On the other hand, the Japanese Yen lost ground in most pairs, possibly due to comments from US Treasury Secretary Janet Yellen regarding intervention. Yellen mentioned that interventions should be rare and consultations should take place. The European Central Bank is expected to cut interest rates at its June meeting, which could cap the upside for EUR/JPY. Eurozone factory gate prices continued to deflate, with a 0.4% drop in the Producer Price Index in March. This could impact wider price trends in the Eurozone.
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