EUR/JPY dips as Spain PMI misses, manufacturing growth slows to 51.5
EUR/JPY declined 0.2% to 157.85 as Spain's Manufacturing PMI disappointed, coming in at 51.5 versus 52.4 expected, down from 52.1 previously. While the reading remains above 50, indicating expansion, the slower pace of growth raised concerns about eurozone economic momentum. Spanish industrial output and new orders continued expanding at a solid pace, maintaining positive business sentiment. The data adds to mixed eurozone signals ahead of this week's ECB meeting, where policymakers face balancing growth concerns with persistent inflation. Technical indicators show EUR/JPY testing support at 157.70, with resistance at 158.20. The pair's direction will likely depend on broader eurozone PMI releases and ECB communication. Traders should monitor the 157.50 level as key support, where the 50-day moving average converges with horizontal support from November lows.
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