All eyes are on the preliminary results of the European Consumer Price Index

All eyes are on the preliminary results of the European Consumer Price Index

01.07.2022

The previous day, the U.S. dollar traded weaker against both the euro and the yen, while the EUR/USD pair rose by about 100 pips from 1.038 to 1.048.The EUR/USD pair had been falling after breaking below the upward channel on the hourly chart, but it rebounded at the recent low of 1.038 and staged a sharp reversal higher. Although the downtrend remains intact on the daily chart, the strength of the rebound is gradually increasing, so we will be watching closely to see how far it can extend.

European currencies were firm against the U.S. dollar, with GBP/USD rising slightly from 1.209 to 1.218. The UK’s first-quarter real GDP, released yesterday, came in at 0.8%, matching both market expectations and the previous reading. However, the current account deficit widened in the first quarter to £51.7 billion. During today’s Asian trading session, GBP/USD has resumed its downward trend.

Today, at 15:45 Asia time, France’s fiscal balance will be released; at 16:00 European time, Turkey’s Manufacturing PMI; at 16:30, Switzerland’s Manufacturing PMI; at 16:55, Germany’s Manufacturing PMI; at 17:30, the UK’s Manufacturing PMI and UK mortgage approvals; and at 18:00, the Eurozone’s, and during U.S. trading hours at 22:45, U.S. Manufacturing PMI; at 23:00, U.S. ISM Manufacturing Index and U.S. Construction Spending. We will closely monitor whether the euro, which has rebounded, will see any changes following today’s release of the Eurozone Consumer Price Index.

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?