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With the ECB meeting tomorrow, all eyes are on the euro, which is showing signs of strength

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With the ECB meeting tomorrow, all eyes are on the euro, which is showing signs of strength

15.03.2023

Today's Highlights
  1. U.S. New York Fed Manufacturing Index
  2. Europe: Industrial Production

In U.S. currency trading yesterday, the U.S. 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. The GBP/USD pair fell from 1.2203 to 1.2135, with price action fluctuating 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 potential decline in the pound during European trading hours.

Ahead of tomorrow’s ECB policy rate announcement, the euro strengthened against the yen. The euro/yen pair rose by approximately 180 pips, from 142.532 to 144.4044. This rebound occurred at a high level supported by the daily 200-day SMA.Since the EUR/JPY pair moved above the daily 20-day moving average (20MA) following yesterday’s rebound, we will be watching closely to see if it breaks above the upper boundary of the downtrend line at 145.153.

Today’s economic indicators include Turkish home sales at 16:00, the French Consumer Price Index at 16:45, and at 19:00, the Eurozone’sIndustrial Production, at 20:00: South Africa’s Retail Sales and the U.S. MBA Mortgage Applications Index, at 21:15: Canada’s Housing Starts, at 21:30: U.S. Retail Sales,U.S. Producer Price Index and U.S. New York Fed Manufacturing Index, at 22:00: Canada’s Existing Home Sales, at 23:00: U.S. Business Inventories and U.S. NAHB Housing Market Index, and at 23:30: U.S. Weekly Crude Oil Inventories.With the ECB meeting tomorrow, we want to carefully monitor the euro, which is currently trading firm.

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 with a particular focus on foreign exchange markets, and he also has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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