Market participants may be on alert for price fluctuations caused by economic indicator releases during European and U.S. trading hours

Market participants may be on alert for price fluctuations caused by economic indicator releases during European and U.S. trading hours

24.03.2023

The U.S. dollar rose against the euro yesterday after the U.S. fourth-quarter current account balance, released yesterday, showed a narrowing of the deficit compared to the previous reading.The EUR/USD pair fell from 1.0929 to 1.0823. It reversed lower after breaking above the 1.08 level, which had been acting as resistance. Technically, the daily RSI for EUR/USD is showing a bullish reversal toward 70, and on the lower timeframe (4-hour chart), the RSI has exceeded 70 and touched 80.7; therefore, traders should be cautious of a pullback on the 4-hour chart.

European currencies fell against the yen after the March Eurozone Consumer Confidence Index, released yesterday, came in at -19.2—worse than the market forecast of -18.1. The euro/yen pair dropped from 143.187 to 141.172.During today’s Asian trading session, the yen is strengthening, with the pair aiming for further lows. Technically, the EUR/JPY pair is positioned between the daily 200-day EMA and SMA, and the daily RSI is trending downward around the 44 level. Therefore, we should remain cautious as to whether the euro will continue to weaken against the yen through the weekend.

Today’s schedule includes UK retail sales at 4:00 PM, France’s manufacturing and services PMI at 5:15 PM, Germany’s manufacturing and services PMI at 5:30 PM, the Eurozone’s manufacturing and services PMI at 6:00 PM, remarks by German Bundesbank President Nagel at 6:15 PM, and UKmanufacturing/services PMI, at 9:30 PM: Canadian retail sales and U.S. durable goods orders, at 10:30 PM: remarks by U.S. St. Louis Fed President Bullard, at 10:45 PM: U.S. manufacturing/services PMI, and at 1:00 AM: remarks by a member of the Bank of England’s Monetary Policy Committee (MPC). We must remain highly vigilant for price fluctuations caused by the release of these indicators during European and U.S. trading hours.

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