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All eyes are on whether the ECB’s monthly report will cause any shift in the euro, which has been trading firm.

Market Report

All eyes are on whether the ECB’s monthly report will cause the euro, which has been showing strength, to shift course.

16.02.2023

Today's Highlights
  1. Europe: ECB Monthly Report
  2. 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 rose from 99.437 to 100.282, hitting 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 on the daily chart. 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, establishing 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 5:30 p.m., the ECB’s monthly report at 6:00 p.m., Israel’s real GDP at 8:00 p.m., Turkey’s housing price index at 8:30 p.m., and at 10:00 p.m., remarks by German Bundesbank PresidentRemarks by German Bundesbank President Nagel, at 10:30 p.m. 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 p.m. U.S. Mester:Remarks by the President of the Philadelphia Fed; at 24:30, U.S. weekly natural gas inventories; at 26:00, remarks by MPC member Pill of the UK; and at 6:00 the following day, remarks by Fed Governor Cook of the U.S. are scheduled.We will carefully assess whether the euro, which has been strengthening on the back of the ECB’s monthly report, will see any changes in its direction.

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.

Previous Article

Should We Carefully Monitor the Upside Potential of the Pound, Now the Strongest Currency?

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Caution Over Upside Potential for the Euro, Which Is Gaining Ground on the Back of Hawkish Comments from Key Figures
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