With the yen weakening, all eyes are on the direction of the euro

With the yen weakening, all eyes are on the direction of the euro

13.04.2023

In U.S. currency markets yesterday, the dollar fell against the euro after the March Consumer Price Index rose 5.0% year-over-year. The EUR/USD pair rose by just over 90 pips, from 1.0911 to 1.1005, hitting a new high for the month. As the pair continues its uptrend, supported by the 20-day moving average on the daily chart, we should remain vigilant to see if further gains will materialize heading into the weekend.

Among European currencies, the euro rose slightly against the yen. The EUR/JPY pair climbed from 145.786 to 146.665. This upward move came after the 4-hour RSI exceeded 70 and reached 75.4.On the daily chart, EUR/JPY has risen for five consecutive days, while the daily RSI has not touched 70 and is hovering around 63, indicating that there is still room for further gains. We will carefully monitor the situation to see if the euro continues to rise into U.S. trading hours and breaks through this year’s high.

Today, at 3:00 PM: UK Industrial Production, UK GDP, UK Manufacturing Production, UK Trade Balance, and German Consumer Price Index; at 6:00 PM: Eurozone Industrial Production; and at 8:45 PM: Germanremarks by German Bundesbank President Nagel, at 9:30 PM US Producer Price Index and US Initial Jobless Claims, at 10:00 PM remarks by Canadian BOC Governor McClem and UK MPC Member Pill, at 11:30 PM US weekly natural gas inventories, and at 2:00 AM a US 30-year Treasury auction.We want to carefully assess the direction of the euro, which is rising amid a weakening yen.

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