All eyes on the euro’s performance at the start of the week

All eyes on the euro’s performance at the start of the week

03.04.2023

In the U.S. currency market last weekend, the Canadian dollar emerged as the strongest currency during U.S. trading hours, causing the EUR/CAD pair to drop by approximately 120 pips from 1.4769 to 1.4646. During today’s Asian trading session, the pair opened slightly lower and has already touched 1.4579. On the higher-timeframe weekly chart, the RSI has shown divergence after touching 70, so we should remain cautious regarding whether prices will trend downward at the start of the week.

Despite the fact that the Harmonized Index of Consumer Prices (HICP) for the eurozone, released last weekend, rose to 5.7% year-on-year from 5.6% the previous month, the euro fell against the yen.The EUR/JPY pair fell by approximately 1.7 yen, from 145.652 to 143.909. It broke below the 75-period moving average (MA) on the hourly chart. On the weekly chart, the RSI is showing signs of a downtrend, while on the monthly chart, it remains stuck around the 70 level, making it very difficult to gauge the overall direction. For the time being, we will focus on the direction indicated by the shorter-term charts.

Today, at 4:00 PM, Turkey’s Consumer Price Index and Producer Price Index will be released; at 4:30 PM, Switzerland’s Manufacturing PMI; at 4:50 PM, France’s Manufacturing PMI; at 4:55 PM, Germany’s Manufacturing PMI; at 5:00 PM, the Eurozone’s Manufacturing PMI; at 5:30 PM, the UK’s Manufacturing PMI; at 6:00 PM, South Africa’s Manufacturing PMI;at 22:45: U.S. Manufacturing PMI; at 23:00: U.S. ISM Manufacturing Index and U.S. Construction Spending; and at 29:15: remarks by U.S. Federal Reserve Governor Cook. Since most major markets in Europe and the U.S. will be closed on Friday, the 7th, we should pay close attention to price movements in the first half of the week.

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