Should we keep an eye on the direction of the euro, which is showing strength against the U.S. dollar?

Should we keep an eye on the direction of the euro, which is showing strength against the U.S. dollar?

17.06.2022

U.S. currencies were on a downward trend yesterday due to a decline in the 10-year Treasury yield and the dollar index, while GBP/USD rose by approximately 360 pips from 1.2040 to 1.2398.Yesterday’s Bank of England (BOE) policy rate announcement, which included a rate hike to 1.25%, led to a sharp rise in GBP/USD. However, during today’s Asian trading session, the pair has pulled back, finding resistance at the 20-day moving average (MA). We will closely monitor whether it reaches the recent high of 1.2616.

Among European currencies, the euro strengthened against the U.S. dollar, with the EUR/USD pair rising by approximately 220 pips from 1.0380 to 1.0600. It has gained momentum to break above the 200-period simple moving average (SMA) on the hourly chart. Technically, the EUR/USD pair appears to be forming a double bottom on the daily chart, so we will be watching closely to see if it can rise to the recent high of 1.0772.

Today’s schedule includes a press conference by Bank of Japan Governor Kuroda at 3:30 p.m. (Asia time), remarks by MPC member Tenreiro at 5:30 p.m. (Europe time), and the final reading of the Eurozone Consumer Price Index at 6:00 p.m.during U.S. trading hours at 21:30: Canada’s Industrial Product Prices, Canada’s Raw Materials Price Index, and Canada’s International Securities Turnover; at 21:45: remarks by U.S. Federal Reserve Chair Powell; at 22:15: U.S. Industrial Production and U.S. Capacity Utilization; at 23:00: U.S. Leading Economic Index; and at 23:30: remarks by UK MPC member Pill.We will carefully monitor currency strength and weakness over the weekend. We will pay close attention to the direction of the euro, which is showing strength against the US dollar.

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?