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With the ECB meeting this week approaching, all eyes are on whether the euro will continue to rise.

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With the ECB meeting coming up this week, all eyes are on whether the euro will rise.

30.01.2023

Today's Highlights
  1. Dallas Fed Manufacturing Activity Index
  2. Germany's Fourth-Quarter GDP

In the U.S. currency markets last weekend, the Canadian dollar emerged as the strongest currency following the Bank of Canada’s policy rate announcement. The USD/CAD pair fell from 1.3346 to 1.3298, entering a downtrend along the 20-period moving average (MA) on the hourly chart.The USD/CAD pair has continued its downward trend since the start of this month, consistently hitting new lows. Although there is a support line at the 200-day moving average near 1.3233, the daily RSI is trending downward before reaching 30, so caution is warranted regarding further downside potential.

Among European currencies, the euro was the weakest during U.S. trading hours, and the euro/yen pair fell by about 100 pips from 141.805 to 140.794.On the 4-hour chart, the price had already broken above the 200 SMA with a real body candle, but lower highs were observed, leading to a price decline. However, on the higher-time-frame daily chart, the 200 SMA is acting as a support level, so we will be watching closely to see if the euro shows strength at the start of the week.

Today, at 16:00 European time, Germany’s fourth-quarter GDP, Sweden’s fourth-quarter GDP, Norway’s credit indicators, and Turkey’s economic confidence index will be released; at 17:00, Switzerland’s KOF Leading Index; at 19:00, the Eurozone’sBusiness Sentiment Index, at 21:00 the Brazilian IGP-M Composite Price Index, at 24:30 during U.S. trading hours the U.S. Dallas Fed Manufacturing Activity Index, and at 25:30 the U.S. 6-month Treasury bill auction.With the ECB meeting coming up this week, we will be closely monitoring price movements to see if the euro continues to rise.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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