With the ECB meeting tomorrow, all eyes are on the euro’s upward trend

With the ECB meeting tomorrow, all eyes are on the euro’s upward trend

15.03.2023

In the U.S. currency market yesterday, the dollar strengthened after the U.S. February Consumer Price Index, released yesterday, came in at 6.0% year-over-year, in line with market expectations. GBP/USD fell from 1.2203 to 1.2135, trading around the 20-period moving average on the hourly chart. On the 4-hour chart, GBP/USD appears to be forming a head-and-shoulders pattern, so traders should be wary of a decline in the pound during European trading hours.

Ahead of tomorrow’s ECB policy rate announcement, the euro strengthened against the yen. The EUR/JPY pair rose by approximately 180 pips from 142.532 to 144.4044. This rebound occurred at higher levels, supported by the daily 200-day SMA.Since the EUR/JPY broke above the daily 20-day moving average following yesterday’s rebound, we will be watching closely to see if it can break above the upper limit of the downtrend line at 145.153.

Today’s economic indicators include Turkish housing sales at 4:00 PM, the French Consumer Price Index at 4:45 PM, Eurozone industrial production at 7:00 PM, South African retail sales and the U.S. MBA Mortgage Applications Index at 8:00 PM, Canadian housing starts at 9:15 PM, U.S. retail sales at 9:30 PM,U.S. Producer Price Index and U.S. NY Fed Manufacturing Index at 8:00 PM, Canadian Existing Home Sales at 10:00 PM, U.S. Business Inventories and U.S. NAHB Housing Market Index at 11:00 PM, and U.S. Weekly Crude Oil Inventories at 11:30 PM. With the ECB meeting tomorrow, we will closely monitor the euro’s upward trend.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 14.04.2026

   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

7. 13.04.2026

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

8. 10.04.2026

   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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran