All eyes are on President Lagarde’s remarks at the ECB

All eyes are on President Lagarde’s remarks at the ECB

14.04.2022

Yesterday, 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 European currency pairs against the yen, the euro/yen pair has held up well, rising to 136.86. Ahead of today’s ECB interest rate announcement, the euro is showing resilience. 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’s schedule includes the announcement of the Turkish Central Bank’s (TCMB) policy rate and statement at 20:00 CET, the announcement of the European Central Bank’s (ECB) policy rate and statement at 20:45 CET, and—once U.S. trading hours begin—a press conference by ECB President Lagarde at 21:30 CET, along with Canadian manufacturing shipments and wholesale sales, U.S. initial jobless claims, and U.S. retail sales.U.S. Import Price Index, the U.S. University of Michigan Consumer Sentiment Index (Preliminary) at 23:00, and remarks by U.S. Federal Reserve Bank of Cleveland President Mester at 28:50. While paying close attention to ECB President Lagarde’s remarks, we will be monitoring the euro’s movements.