The Japanese Yen posted a colossal 2.77% spike in value against the Euro on Thursday after the Bank of Japan decided to stay on hold and keep interest rates unchanged. Along with that, the QE programme's volume remained stable at 80 trillion yen per year.
Wednesday was fully packed with different fundamental data releases and statistical development around the globe helped the Euro to become one of the best-performing currencies across the board.
All data but US Services PMI was largely disappointing on Tuesday, taking into consideration major regions worldwide. Europe has not been the largest data generator, with only some speeches of ECB officials included in the economic calendar.
Monday used to be a largely bullish day for the common European currency, owing to disappointing fundamentals outside of Europe, falling commodity prices and depressed equity markets.
Friday's statistics from the Euro zone was largely disappointing and this was very well reflected in performance of the single European currency, because it retreated against all but two G9 currencies on a day-to-day basis.
Oil prices were down by more than two percent on Thursday, as they dragged the majority of commodity-linked currencies lower.
The European single currency traded in a mixed environment against other G9 components, while preparing for the ECB meeting later today.
With markets maintaining the risk-on trading mode, the Euro surged 0.76% against a significantly weakened Japanese Yen. Moreover, it seems that the recent Yen-appreciation panic is more or less over for now.
For another day the Euro has been a mixed-traded currency. It registered a growth versus two of its counterparts, namely the Japanese Yen and US Dollar on Monday.
Friday's economic data was predominantly pessimistic across the board and not only in Europe. EUR/USD posted the second-fastest increase in value of 0.14%, helped by negatively-biased US fundamentals.
Owing to the lack of Euro zone's fundamentals on Thursday, the common currency of the bloc was driven mainly by other components that used to have at least some basis to trade on.
American statistical data was all but encouraging on Wednesday, given that retail sales dropped in March and producer prices fell instead of advancing.
The Euro appreciated only versus the Japanese Yen on Tuesday, as the pair's 0.37% pick up was mainly prompted by an increase in the number of risk-on market bets and generally rising risk expectations.
Yesterday the Euro was an active trading currency against all its counterparts but the US Dollar and the Japanese Yen. Greenback's buyers and sellers are maintaining the equal level of importance for a number of consecutive sessions already, and the volatility is not caused even by remarks that are made by top officials.
After days of losses, the Euro recovered, albeit only by six basis points, against the Japanese Yen. Friday was the first bearish day for Japan's currency since March 31.
The Euro had another indecisive day yesterday, as mixed trading environment confirms that the common European currency was influenced by external factors that are out of its control. With oil prices correcting lower, EUR/AUD soared by more than 1% as the Aussie fell down.
Wednesday has clearly been an important trading day due to presence of many US events concerning the Federal Reserve. Two FOMC members, James Bullard of St. Louis and Loretta Mester of Cleveland spoke yesterday and provided the market with influential remarks on the matter of rate increases.
Services sector activity in the Euro zone failed to impress markets on the positive side, but it was unable to derail the Euro's performance either.
Commodity currencies were clear losers on the first day of this week amid tanking oil prices. New Zealand, Canadian and Australian dollars took the whole pedestal of TOP-3 sharpest-declining components against the Euro.
The British currency took the strongest bearish hit to its value on Friday, after the US Labor Department released its monthly employment and wage figures.
The Euro got off on the right foot on Thursday, because this currency posted gains against all of its main counterparts across the FX market.
Market session in the Euro area was quiet on Wednesday, with only Germany's inflation data released throughout the morning.
Chair of the US Federal Reserve created the vast part of volatility on Tuesday, as she told the Economic Club of New York that the regulator should maintain a cautious stance in terms of adjusting monetary policy and raising interest rates.
Traders were somewhat disappointed by the only major data release on Monday, the first trading day of this week. US consumer spending ticked up by 0.1% in February, against an expectation of +0.2%.