All eyes are on whether the euro will rise ahead of the ECB meeting

All eyes are on whether the euro will rise ahead of the ECB meeting

13.06.2023

In the previous session, the U.S. dollar strengthened against the yen, with the USD/JPY pair rising slightly. The pair climbed from 139.065 to 169.770, trading around the 20-period moving average on the hourly chart. Given concerns that the USD/JPY pair will be significantly influenced by today’s U.S. CPI data release during U.S. trading hours, traders should exercise caution when adjusting positions during that time.

Among European currencies, the euro rose slightly against the yen. The euro/yen pair climbed from 149.594 to 150.428, briefly 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 3:00 PM, the German ZEW Economic Sentiment Index at 6:00 PM, the Eurozone ZEW Economic Sentiment Index at 6:00 PM, the U.S. NFIB Small Business Optimism Index at 7:00 PM, the U.S. Consumer Price Index at 9:30 PM, remarks by Bank of England Governor Bailey at 11:00 PM, and a speech byremarks by MPC member Dingla, a 30-year Treasury auction at 2:00 AM, and New Zealand’s Q1 current account balance at 7:45 AM the following day. We will carefully assess the direction of the euro as we approach the ECB meeting.

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