Will the euro weaken further on the back of Germany's CPI data? Market participants are on alert regarding the direction of the currency.

Will the euro weaken further on the back of Germany's CPI data? Market participants are on alert regarding the direction of the currency.

28.04.2023

In yesterday’s U.S. currency trading, the U.S. dollar rose against the euro after data released yesterday showed that U.S. existing home sales fell 23.3% year-over-year, worse than the market forecast of a 21.1% decline.The EUR/USD pair fell from 1.1062 to 1.0992. The decline halted upon touching the 200-period EMA on the hourly chart. Since the EUR/USD is currently in a triangle consolidation pattern centered around the 20-period MA on the 4-hour chart, we should remain vigilant regarding whether the downtrend will continue.

Among European currencies, the EUR/GBP pair fell. The EUR/GBP dropped from 0.8871 to 0.8819. As the pair is trading just below the 75-period moving average on the 4-hour chart and appears poised for further declines, we should keep an eye on whether the euro’s momentum is waning. For now, we will be closely watching the German CPI results during European trading hours.

Today’s schedule includes Swiss retail sales at 3:30 PM, France’s producer price index and consumer price index at 3:45 PM, Turkey’s trade balance at 4:00 PM, Germany’s employment statistics at 4:55 PM, Germany’s first-quarter GDP and remarks by SNB Governor Jordan at 5:00 PM, the Eurozone’s first-quarter GDP at 6:00 PM,18:45: Remarks by ECB President Lagarde; 21:00: German CPI; 21:30: Canadian February Real GDP, U.S. Personal Income, U.S. PCE Deflator; 22:45: U.S. Chicago PMI; 23:00: U.S. University of Michigan Consumer Sentiment Index.We need to watch for any directional shifts, particularly whether the euro will weaken further following the release of Germany’s CPI.

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