Will European currencies, which have been rising against the U.S. dollar, continue to gain ground at the start of the month?

Will European currencies, which have been rising against the U.S. dollar, continue to gain ground at the start of the month?

02.08.2022

U.S. currencies traded weakly throughout the day yesterday, despite the revised U.S. July Manufacturing PMI coming in at 52.2, avoiding a drop below 50.GBP/USD rose by about 130 pips from 1.2155 to 1.2293, marking its fourth consecutive day of gains. During today’s Asian session, GBP/USD has been rising with support from the 20-period moving average (MA) on the hourly chart, and it will be worth watching whether it continues to climb toward the 75-period MA on the daily chart at 1.2337.

European currencies are trading higher against the U.S. dollar, with the EUR/USD pair rising by approximately 70 pips from 1.0204 to 1.0274. The EUR/USD pair has already hit a new high during today’s Asian trading session, climbing to 1.0293. On the 4-hour chart, the 200-day SMA is looming overhead, so we will be watching closely to see if the pair breaks above the 200-day SMA at 1.0293.

Today, the UK Nationwide House Price Index is scheduled for 3:00 PM Asia time, the Swiss Manufacturing PMI for 4:30 PM Europe time, and the U.S. JOLTS Survey and remarks by U.S. Federal Reserve Bank of Chicago President Evans for 11:00 PM U.S. time:Chicago Fed President Evans, at 26:00 remarks by U.S. Cleveland Fed President Mester, at 7:45 the following day New Zealand’s Q2 unemployment rate, and remarks by U.S. St. Louis Fed President Bullard. It will be worth watching whether European currencies, which have been rising against the U.S. dollar, can maintain their momentum and continue to climb at the start of the month.

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?