All eyes are on whether the euro will rise ahead of this week’s ECB meeting

All eyes are on whether the euro will rise ahead of this week’s ECB meeting

30.01.2023

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, forming a downtrend along the 20-period moving average on the hourly chart.USD/CAD 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, with the EUR/JPY pair falling approximately 100 pips from 141.805 to 140.794.On the 4-hour chart, the price had already broken above the 200-SMA with a bullish candle, but lower highs were observed, leading to a price decline. However, on the higher-timeframe 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 CET, Germany’s Q4 GDP, Sweden’s Q4 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 (U.S. time) the U.S. Dallas Fed Manufacturing Activity Index, and at 25:30 the U.S. 6-month Treasury bill auction. With the ECB meeting this week approaching, we will be closely monitoring price movements to see if the euro continues to rise.

Past Market Reports

1. 21.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 14.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 13.04.2026

   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. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 09.04.2026

   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. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?