All eyes are on whether the euro, which has been on a downward trend, will recover

All eyes are on whether the euro, which has been on a downward trend, will recover

10.05.2023

In yesterday’s U.S. currency trading, the U.S. dollar traded in a range against the yen after the U.S. NFIB Small Business Optimism Index, released yesterday, fell to 89.0 from the market forecast of 89.7. The USD/JPY pair traded in a narrow range between 134.733 and 135.362, with price action lacking direction as it fluctuated around the 20-period moving average on the hourly chart.With today’s U.S. CPI release expected to show a year-over-year increase of 5.0%, traders should remain vigilant regarding potential USD price movements depending on the actual results.

European currencies fell against the yen after France’s March trade balance, released yesterday, narrowed to a deficit of €8.023 billion from the previous month’s deficit of €9.904 billion. The EUR/JPY pair has edged lower, facing resistance at the 20-period moving average on the hourly chart, and is currently trading around 148.362 during Asian trading hours. However, since the 4-hour chart shows a pattern of higher lows, it will be worth watching whether the euro recovers during European trading hours.

Today’s schedule includes the German Consumer Price Index and the Norwegian Consumer Price Index at 3:00 PM, Turkish employment statistics and industrial production at 4:00 PM, the U.S. MBA Mortgage Applications Index at 8:00 PM, Canadian housing starts at 9:30 PM,the U.S. Consumer Price Index at 9:30 PM, U.S. weekly crude oil inventories at 11:30 PM, remarks by SNB Governor Jordan of Switzerland at 1:00 AM, the U.S. 10-year Treasury auction at 2:00 AM, and the U.S. budget balance at 3:00 AM. We will be watching to see if the euro, which has been on a downward trend, will recover.

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