XE Market Analysis: Europe – Sep 28, 2020

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The yen posted moderate gains in otherwise quiet, narrowly ranging currency markets. USD-JPY and yen crosses softened. More ECB policymaker signalling about their concern of euro valuations elicited EUR-JPY selling, which tipped the cross to a two-month low at 122.38. USD-JPY, meanwhile, gave back most of the gains that were seen on Friday in posting a low at 105.27. AUD-JPY also saw weakness, though managed to subsequently pare most of its decline after Westpac pushed back their call for an RBA rate cut to November from October.