ECB's Nagel says global economy still growing despite Middle East unrest

ECB policymaker Joachim Nagel addressed current economic conditions, noting that the global economy continues its growth path even amid Middle East tensions.

• The global economy maintains its growth trajectory in spite of Middle East tensions.
• Nagel said the easing in core and services inflation is positive and that no second-round effects are appearing.
• He voiced support for coordinated intervention on the yen.
• Consultations on additional intervention measures are expected.

USDJPY is trading above its 100-day moving average, which is located at 160.01.

EURJPY has been fluctuating around its 100-hour and 200-hour moving averages near 185.57 and 185.63. The convergence of these moving averages suggests an imminent directional move. Support to the downside comes from the 100-day moving average at 185.099. Below that, the 100-hour and 200-hour moving averages on the four-hour chart are around 184.85 and 184.76, followed by the 200-day moving average at 184.266. On a move higher, resistance is seen in the 185.93–185.03 range.

Separately, ECB official Simkus commented that the September rate hike will not be sufficient.