Should we focus on the upward trend of the euro, which remains steady regardless of economic indicators?

Should we focus on the upward trend of the euro, which remains steady regardless of economic indicators?

22.03.2023

In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen after February’s existing home sales figures, released yesterday, came in at 4.58 million—exceeding the market forecast of 4.1 million. The USD/JPY pair rose from 131.015 to 132.778, moving in line with the 20-period moving average on the hourly chart.Today, the market is awaiting the U.S. FOMC meeting, and the market consensus currently prices in a 0.25% rate hike. We will monitor the situation cautiously to see if the dollar remains firm should the scenario unfold as expected.

European currencies rose against the yen after Germany’s March ZEW Economic Sentiment Index, released yesterday, came in at 13.0—below the market forecast of 15.2.The EUR/JPY pair rose from 140.414 to 142.772, showing a rebound of more than 200 pips. On the hourly chart, the EUR/JPY has broken above the 200-period SMA, and on the daily chart, while the highs are declining, the lows are rising. We will closely monitor whether this upward trend continues.

Today’s schedule includes the UK Consumer Price Index, UK Retail Sales, and UK Producer Price Index at 16:00 CET; remarks by ECB President Lagarde at 17:45 CET; the UK CBI Business Survey and the US MBA Mortgage Applications Index at 20:00 CET; and in US time, US weekly crude oil inventories at 23:30,at 2:00 AM, remarks by German Bundesbank President Nagel; at 3:00 AM, the release of the U.S. FOMC policy rate and statement; and at 3:30 AM, a press conference by U.S. Federal Reserve Chair Powell. We intend to carefully assess the upward trend of the euro, which is moving higher regardless of economic data results.

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