All eyes are on whether the euro will rise ahead of the ECB meeting
13.06.2023
- Remarks by Dingra, MPC Member (UK)
- U.S. NFIB Small Business Optimism Index
Yesterday, 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, trading around the 20-period moving average on the hourly chart. Since the USD/JPY is expected to be significantly influenced by today’s U.S. CPI data release, 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 climbed 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 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 U.S. 30-year Treasury auction at 2:00 a.m., and New Zealand’s Q1 current account balance at 7:45 a.m. the following day. We will carefully assess the direction of the euro as we approach the ECB meeting.
Author: Keisuke Sakurai
