With the ECB meeting next week, all eyes are on the euro, which is gaining strength

With the ECB meeting next week, all eyes are on the euro, which is gaining strength

03.06.2022

The previous day, the U.S. dollar weakened against the euro, with the EUR/USD pair rising by more than 100 pips from 1.064 to 1.076.This was driven by the fact that the U.S. ADP employment report released yesterday fell significantly short of market expectations, coupled with U.S. April manufacturing orders coming in at 0.3%, below forecasts. With the euro continuing its upward trend, we will be watching to see if the EUR/USD pair breaks above the 75-day moving average (MA) at 1.078 on the daily chart.

Among European currencies, the euro rose against the yen, climbing approximately 130 pips from 138.37 to 139.77. As the EUR/JPY pair is rising at a pace that brings it close to this year’s high of 139.96, I intend to wait and see whether this upward trend continues, while also considering the possibility of a corrective pullback toward the 20-period moving average on the 4-hour chart.

Today’s schedule includes Germany’s trade balance at 3:00 PM CET, France’s industrial production and manufacturing production index at 3:45 PM CET, Turkey’s consumer price index at 4:00 PM CET, Germany’s services PMI at 4:55 PM CET, the Eurozone’s services PMI at 5:00 PM CET, and Eurozone retail sales at 6:00 PM CET, followed by the U.S. jobs report at 9:30 PM ET,22:45 US Services PMI, 23:00 US ISM Non-Manufacturing Index, and 23:30 remarks by US Federal Reserve Vice Chair Brainard. We should pay close attention to the release of these indicators during US trading hours to assess price movements over the weekend.

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?