Attention Turns to ECB President Lagarde’s Remarks

Attention Turns to ECB President Lagarde’s Remarks

14.04.2022

The previous day, the U.S. dollar weakened against the euro but held its ground against the yen, with the USD/JPY pair briefly rising to 126.31—a 20-year high. However, the dollar’s strength was limited to the yen, while the EUR/USD pair rose by more than 100 pips from 1.080 to 1.091.From a technical perspective, we will be watching closely to see if the EUR/USD pair will resume its upward trend if it breaks above the resistance level at its recent high of 1.093 with a solid candlestick.

Among the euro-yen cross rates, the euro-yen pair held up well, rising to 136.86.Ahead of today’s ECB policy rate announcement, the euro is holding steady. Although no rate hike is expected in today’s announcement, attention will be focused on ECB President Lagarde’s remarks regarding the central bank’s stance on the future outlook.

Today, the Turkish Central Bank (TCMB) will announce its policy rate and statement at 20:00 European time, followed by the European Central Bank (ECB) announcing its policy rate and statement at 20:45. After the market shifts to U.S. time, ECB President Lagarde will hold a press conference at 21:30, and Canada will release its manufacturing shipments and wholesale sales figures,U.S. initial jobless claims, U.S. retail sales, and the U.S. import price index; at 23:00, the U.S. University of Michigan Consumer Sentiment Index (preliminary reading); and at 28:50, remarks by U.S. Federal Reserve Bank of Cleveland President Mester.We will keep a close eye on the euro’s movements while paying close attention to ECB President Lagarde’s remarks.