Will the euro’s rise continue, riding on the momentum from the start of the month?

Will the euro’s rise continue, riding on the momentum from the start of the month?

02.08.2021

Last weekend, the three major U.S. stock indices all fell, with the Nasdaq—which saw the sharpest decline—closing at 14,672 points, down 0.71% from the previous day. WTI crude oil edged slightly lower to around $73.10, while gold gave up all of its gains from the day before yesterday and is currently trading around $1,811.

In the foreign exchange market, the euro rose against the dollar as the dollar index declined. It is currently trading around 1.187, with the 20-period moving average (MA) acting as support on the 4-hour chart, and the pair is attempting to move higher. Since the 20-period MA is also providing support on the daily chart, this is a point where we need to carefully assess whether the upward trend will continue. The euro also rose against the pound and is currently trading around 0.854.

Today’s schedule includes German retail sales at 3:00 PM Asia time, Swiss CPI and retail sales at 3:30 PM, Turkey’s Manufacturing PMI at 4:00 PM Europe time, the final U.S. Manufacturing PMI at 10:45 PM U.S. time, and the U.S. ISM Manufacturing Index and U.S. Construction Spending at 11:00 PM.With the Australian interest rate decision on the 3rd and the UK interest rate decision on the 5th coming up this week, we will first closely monitor price movements at the start of the week to see if any countries mention tapering monetary easing.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran