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Market participants remain cautious about the euro’s direction ahead of tomorrow’s ECB meeting

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Market participants remain cautious about the euro’s direction ahead of tomorrow’s ECB meeting

26.10.2022

Today's Highlights
  1. Canada: BOC Policy Rate and Statement Release
  2. U.S. Weekly Crude Oil Inventories

U.S. currencies weakened yesterday as expectations for a significant rate hike at the next FOMC meeting faded due to inflationary pressures.The EUR/USD pair rose by approximately 120 pips, from 0.9848 to 0.9975. It broke above the daily downtrend line that had been in place since February 7 of this year with a solid candlestick. If the EUR/USD continues to rise, attention will focus on whether it can break above the recent daily high of 0.9999.

European currencies rose against the yen after Germany’s October Ifo Business Climate Index, released yesterday, came in at 84.3, exceeding the market forecast of 83.6. The euro’s rise against the yen has continued since immediately after the currency intervention the day before yesterday, and it is currently trading around 147.662. With a 0.75% rate hike expected at tomorrow’s ECB meeting, we will be watching closely to see if the euro continues to climb.

Today’s economic indicators include the French Consumer Confidence Index at 3:45 PM, the U.S. MBA Mortgage Applications Index at 8:00 PM, U.S. Wholesale Inventories (flash estimate) at 9:30 PM,the Bank of Canada (BOC) policy rate and statement at 11:00 PM, U.S. new home sales at 11:00 PM, U.S. weekly crude oil inventories at 11:30 PM, a press conference by BOC Governor McUllum at 12:00 AM, and a U.S. 5-year Treasury auction at 2:00 AM. With the ECB meeting tomorrow, we should watch for signs of a potential upward move and remain cautious about the direction of the euro.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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