EUR/JPY Steadies as Eurozone PMIs Beat Forecasts

The EUR/JPY cross has stabilized near 181.94 after a steady four-session recovery, up just 0.01% from Wednesday's close. The Eurozone PMIs beat forecasts, with Spain's Services Purchasing Managers Index (PMI) surging to 58.3 in July and the Eurozone Composite PMI rising modestly to 52.

The Bank of Japan's hawkish hold has been a major factor in the Japanese Yen's recent strength, but the BoJ's Minutes from its June policy meeting have limited market impact. The document revealed policymakers debating price risks that would likely require further rate hikes even as they raised borrowing costs to a 31-year high.

Attention now turns to Eurozone Retail Sales, with consumer spending expected to rise just 0.1% MoM in June. A soft print would contradict the upbeat services surveys and potentially cap the Euro's advance, while a beat would strengthen the case for a recovery gaining traction.