Should we pay close attention to President Lagarde’s remarks at the ECB?

Should we pay close attention to President Lagarde’s remarks at the ECB?

16.03.2023

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the U.S. February Producer Price Index (PPI), released yesterday, came in at 4.6% year-over-year, below the market forecast of 5.4%.USD/JPY fell by approximately 300 pips from 135.108 to 132.216. It broke below the 200-period simple moving average (SMA) on the 4-hour chart. Since a head-and-shoulders pattern is currently forming on the weekly chart for USD/JPY, a break below 130 yen should be considered a possibility if the pair continues to decline.

Ahead of today’s ECB policy rate announcement, the euro fell sharply against the U.S. dollar.The EUR/USD pair fell by approximately 240 pips from 1.0759 to 1.0516. It found support just below the daily 200-day EMA, halting the decline. It is currently trading between the 23.6% and 38.2% Fibonacci retracement levels on the daily chart, making the direction difficult to predict. We will be closely watching to see if today’s ECB meeting triggers a major trend.

Today, at 20:30 CET, the Turkish Housing Price Index will be released; at 21:30 EST, the U.S. Initial Jobless Claims, Housing Starts, Building Permits, Philadelphia Fed Business Outlook Index, and Import Price Index will be released; and at 22:15 CET,ECB policy rate and statement, at 22:45 the ECB President Lagarde’s press conference, and at 23:30 the U.S. weekly natural gas inventories. We should pay close attention to President Lagarde’s remarks at the ECB.

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