All eyes are on whether the ECB’s monthly report will affect the euro, which has been showing strength.
16.02.2023
- Europe: ECB Monthly Report
- Remarks by Pill, a Member of the Bank of England’s MPC
In U.S. trading the previous day, the Canadian dollar strengthened toward the end of the session and rose against the yen. The CAD/JPY pair climbed from 99.437 to 100.282, setting a new high for the year and breaking through the key 100-yen level.The current CAD/JPY level is the highest since December 20 of last year, and the pair has already broken above the 75-day moving average (MA). We will closely monitor price movements during U.S. trading hours to see if the upward trend against the yen continues.
Among European currencies, the euro made significant gains against the pound. The euro/pound pair rose from 0.8815 to 0.8902, forming an uptrend along the 10-period moving average on the hourly chart.On the higher-time-frame 4-hour chart, the price rose in a straight line from -2σ to +3σ on the Bollinger Bands, and on the daily chart, the price movement offset the declines of the past four days. We will need to carefully assess the direction to determine whether the euro will continue to rise for the time being.
Today’s schedule includes Hong Kong’s unemployment rate at 17:30, the ECB’s monthly report at 18:00, Israel’s real GDP at 20:00, Turkey’s housing price index at 20:30, and at 22:00, the remarks byRemarks by German Bundesbank President Nagel, at 10:30 PM: U.S. initial jobless claims, U.S. Producer Price Index, U.S. housing starts, and U.S. Philadelphia Fed Business Outlook Index; at 10:45 PM: U.S. Mester:Remarks by Philadelphia Fed President Mester; at 24:30, U.S. weekly natural gas inventories; at 26:00, remarks by MPC Member Pill; and at 6:00 the following day, remarks by Fed Governor Cook.We will carefully assess the direction of the euro, which has been strengthening on the back of the ECB’s monthly report, to see if this trend changes.
Author: Keisuke Sakurai
