All eyes are on whether the euro will rise ahead of the ECB meeting
13.06.2023
- Remarks by Dingla, a Member of the MPC in the UK
- U.S. NFIB Small Business Optimism Index
In the previous day’s trading, the U.S. dollar strengthened against the yen, with the USD/JPY pair rising slightly. The USD/JPY rose from 139.065 to 169.770.The pair traded around the 20-period moving average on the hourly chart. Concerns remain that USD/JPY will be significantly affected by the U.S. CPI data to be released today during U.S. trading hours, so traders should exercise caution when adjusting positions during U.S. trading hours.
Among European currencies, the euro rose slightly against the yen. The euro/yen pair rose from 149.594 to 150.428, touching the key 150-yen level. On the weekly chart, the pair is trading above the 10-day moving average, and the RSI is showing an upward trend just below 70.We will be watching closely to see if this momentum holds through this Thursday, the 15th, when the ECB announces its policy rate decision.
Today’s schedule includes the German Consumer Price Index at 15:00, the German ZEW Economic Sentiment Index at 18:00, the Eurozone ZEW Economic Sentiment Index at 18:00, the U.S. NFIB Small Business Optimism Index at 19:00, the U.S. Consumer Price Index at 21:30,a speech by Bank of England Governor Bailey at 11:00 p.m., a speech by MPC member Dingra at midnight, a U.S. 30-year Treasury auction at 2:00 a.m., and New Zealand’s first-quarter current account balance at 7:45 a.m. the following day.We will carefully assess the direction of the euro to see if it will continue to rise ahead of the ECB meeting.
Author: Keisuke Sakurai
