Keep an eye on the direction of the euro, which is showing signs of a slight rebound

Keep an eye on the direction of the euro, which is showing signs of a slight rebound

17.05.2022

In the previous session, the U.S. dollar weakened against the pound, with GBP/USD rising by approximately 110 pips from 1.221 to 1.232. Since GBP/USD has been rising while finding support at the 200-period SMA on the hourly chart, we will be watching to see if this upward trend continues during today’s U.S. trading hours.

Amid ongoing instability in the Ukraine situation—driven by factors such as McDonald’s complete withdrawal from Russia—European currencies have remained firm against both the U.S. dollar and the yen. The euro/dollar pair continued its rebound from last weekend, rising slightly from 1.038 to 1.044.However, on a daily chart basis, the pair is currently in the midst of a pullback after deviating from the 20-day moving average (MA), so we need to carefully assess whether it will enter another downtrend around the 1.059 level, near the daily 20-day MA.

Today’s schedule includes the UK unemployment rate at 3:00 PM, Turkish home sales at 4:00 PM, Eurozone Q1 GDP at 6:00 PM, remarks by Bank of England Deputy Governor Kanliff at 7:05 PM, remarks by St. Louis Fed President Bullard at 9:00 PM, U.S. retail sales at 9:30 PM,at 10:15 PM: US Industrial Production and remarks by Harker, President of the Federal Reserve Bank of Philadelphia; at 11:00 PM: US Business Inventories; at 1:30 AM: remarks by Kashkari, President of the Federal Reserve Bank of Minneapolis; at 2:00 AM: remarks by Lagarde, President of the ECB; and at 3:30 AM: remarks by Mester, President of the Federal Reserve Bank of Cleveland.We will be watching closely to see if the rebounding euro continues to rise.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

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

3. 20.04.2026New

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

4. 17.04.2026New

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

5. 16.04.2026New

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

6. 15.04.2026

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

7. 14.04.2026

   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

8. 13.04.2026

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

9. 10.04.2026

   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?

10. 09.04.2026

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