Market participants may be on alert for sudden fluctuations in the euro following the release of the ECB meeting minutes

Market participants may be on alert for sudden fluctuations in the euro following the release of the ECB meeting minutes

01.06.2023

In yesterday’s U.S. trading session, the Canadian dollar fluctuated against the yen following the release of first-quarter GDP data, which showed an improvement from the previous reading of 0.0% to 3.1%. The CAD/JPY pair fluctuated between 102.136 and 103.000, trading above and below the 20-period moving average on the hourly chart.In today’s Asian session, CAD/JPY is aiming higher and has recovered to 102.937. We will closely monitor whether the Canadian dollar continues to strengthen against the yen heading into the U.S. session.

European currencies fell sharply against the yen, led by the euro, following yesterday’s release of Germany’s May CPI, which dropped significantly from 7.2% to 6.1% year-on-year.The euro/yen pair fell by approximately 140 pips, from 150.082 to 148.621. This was one of the sharpest declines among the yen crosses. With the rate of decline in European CPI accelerating, attention is focused on today’s remarks by ECB President Lagarde. We will carefully assess the likelihood of the next rate hike based on the release of the ECB meeting minutes and the president’s comments.

Today’s schedule includes the UK Nationwide House Price Index and German retail sales at 3:00 PM, the Swiss Manufacturing PMI and remarks by SNB Governor Schlegel at 4:30 PM, the UK Manufacturing PMI at 5:30 PM, the Eurozone Consumer Price Index and unemployment rate at 6:00 PM, remarks by ECB President Lagarde at 6:30 PM,at 8:30 PM: Release of the ECB Meeting Minutes; at 9:15 PM: US ADP National Employment Report; at 9:30 PM: US Initial Jobless Claims; at 10:45 PM: US Manufacturing PMI; at 12:00 AM: US Weekly Crude Oil Inventories; and at 2:00 AM: Remarks by Harker, President of the Philadelphia Fed.Traders should remain vigilant for sudden price movements in the euro following the release of the ECB meeting minutes.

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