Market participants may be on alert for price fluctuations following the release of preliminary PMI data from various countries

Market participants may be on alert for price fluctuations following the release of preliminary PMI data from various countries

21.02.2023

In yesterday’s U.S. currency trading, while the Dollar Index rose to 104, the dollar weakened against the yen, causing the USD/JPY pair to decline. The USD/JPY fell slightly by about 60 pips, from 134.537 to 133.912. The decline halted as the pair found support at the 20-period moving average on the 4-hour chart.During today’s Asian session, USD/JPY is showing signs of moving higher again, so we will be watching to see if today’s economic data releases will cause the U.S. dollar to strengthen.

European currencies faced resistance as the euro struggled to gain ground after the Eurozone’s February consumer confidence index, released yesterday, came in at -19.0—worse than the market forecast of -18.9.EUR/JPY fell from 143.657 to 143.033. It is currently hovering just below the 4-hour 20-MA, struggling to establish a clear direction. Since EUR/JPY has already briefly dipped below the 4-hour 20-MA, traders should remain cautious of further declines during European trading hours.

Today’s schedule includes the French Manufacturing/Services PMI at 5:15 PM, the German Manufacturing/Services PMI at 5:30 PM, the Eurozone Manufacturing/Services PMI at 6:00 PM, the UK Manufacturing/Services PMI at 6:30 PM, the German ZEW Economic Sentiment Survey at 7:00 PM, and the UKCBI Business Survey, at 10:30 PM Canadian Retail Sales and the Canadian Consumer Price Index, at 11:45 PM the U.S. Manufacturing/Services PMI, at 12:00 AM U.S. Existing Home Sales, and at 3:00 AM the U.S. 2-Year Treasury Auction. We should pay close attention to price movements during U.S. trading hours following the long weekend, as well as the PMI releases.

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?