All eyes are on the euro’s price movements at the start of the week during ECB Week

All eyes are on the euro’s price movements at the start of the week during ECB Week

06.06.2022

Last weekend, the U.S. dollar surged following strong employment data, emerging as the strongest currency. However, although the U.S. ISM Non-Manufacturing Index for May, released last Friday, the 3rd, came in at 55.9—its lowest level in a year and three months—it failed to curb the dollar’s strength. With the USD/JPY pair closing the week with a strong bullish candle and regaining this year’s high, we will be watching closely to see if the upward trend continues.

European currencies saw the euro come under pressure from the U.S. dollar, with the EUR/USD pair falling by about 60 pips from 1.076 to 1.070. On a daily chart, the pair appears to have shifted into a range-bound market between 1.062 and 1.078—a level slightly higher than that seen in the middle of last month. Therefore, ahead of the ECB’s policy rate announcement this Thursday, we will likely monitor the upper and lower bounds of this range for the time being to gauge the market’s direction.

No major economic indicators or key speeches are scheduled for today in either Europe or the U.S.Markets in New Zealand and Switzerland are closed today for public holidays. Looking ahead to the rest of the week, key events include the RBA policy rate announcement in Australia tomorrow, Tuesday the 7th; the ECB policy rate announcement in Europe on Thursday the 9th; and the University of Michigan Consumer Sentiment Index (flash estimate) in the U.S. on Friday the 10th. For now, we will carefully monitor price movements at the start of the week.

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?