All eyes are on whether Germany’s fourth-quarter GDP will trigger movement in the euro

All eyes are on whether Germany’s fourth-quarter GDP will trigger movement in the euro

24.02.2023

U.S. currencies edged higher against European currencies the previous day, causing the euro/dollar pair to decline.The EUR/USD fell by about 50 pips from 1.0628 to 1.0577, hitting a new monthly low for the second consecutive day. The pair is currently trading just below the 75-day moving average (MA), with the daily RSI hovering around 36. On the 4-hour chart, the pair is midway down a downward channel, moving from the upper boundary toward the lower boundary. We will be watching closely to see if today’s U.S. economic data releases trigger further declines in the euro.

Among European currencies, the Swiss franc was the weakest from European to U.S. trading hours. The CHF/JPY pair fell from 145.031 to 143.680, extending its decline after breaking below the 75-period moving average on the 4-hour chart. From a technical perspective, the pair continues to rebound toward the 61.8% Fibonacci retracement level on the daily chart, so we will be watching to see if economic indicators trigger further yen weakness.

Today’s schedule includes: Germany’s Q4 GDP and GfK Consumer Confidence Index at 4:00 PM; France’s Consumer Confidence Index and remarks by Bundesbank President Nagel at 4:45 PM; U.S. Personal Income and Core PCE Deflator at 10:30 PM; U.S. New Home Sales and University of Michigan Consumer Sentiment Index at 12:00 AM;at 12:15 AM: remarks by U.S. Federal Reserve Governor Jefferson and U.S. Federal Reserve Bank of Cleveland President Mester; at 1:30 AM: remarks by UK MPC member Tenreiro and U.S. Federal Reserve Bank of St. Louis President Bullard; and at 3:30 AM: remarks by U.S. Federal Reserve Bank of Boston President Collins and U.S. Federal Reserve Governor Waller.We will be closely monitoring whether the release of Germany’s fourth-quarter GDP data triggers any movement in the euro.

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?