All eyes are on whether the comments by central bank governors at the ECB Forum will shift the trend toward a weaker yen

All eyes are on whether the comments by central bank governors at the ECB Forum will shift the trend toward a weaker yen

28.06.2023

In yesterday’s U.S. currency trading, the U.S. dollar fell against the euro despite the Dollar Index temporarily rising to 102.6. The EUR/USD pair rose by approximately 70 pips from 1.0902 to 1.0975, forming an uptrend along the 10-period moving average on the hourly chart.During today’s Asian session, the EUR/USD pair is showing a rebound supported by the 20-period moving average on the hourly chart, so we will be closely monitoring whether the US dollar’s decline continues during the European session.

European currencies saw the euro emerge as the strongest currency after ECB President Lagarde stated in her keynote speech at yesterday’s ECB Forum that “unless there are significant changes to the outlook, we will continue raising rates in July.” The euro/yen pair rose to 157.935, maintaining a level not seen in 15 years—since the Lehman shock in September 2008.During today’s Asian trading session, the 20-period moving average (MA) on the hourly chart is providing solid support, but with key officials’ remarks scheduled later, we should remain cautious regarding the market’s direction.

Today’s economic indicators include the German GfK Consumer Confidence Survey at 3:00 PM, the French Consumer Confidence Index at 3:45 PM, the Eurozone M3 Money Supply at 5:00 PM, remarks by UK MPC member Pill at 7:30 PM, the U.S. MBA Mortgage Applications Index at 8:00 PM, U.S. Wholesale Inventories at 9:30 PM,at 10:30 PM, remarks by Bank of Japan Governor Ueda, remarks by Bank of England Governor Bailey, remarks by ECB President Lagarde, and remarks by Fed Chair Powell; at 11:30 PM, U.S. weekly crude oil inventories; and at 2:00 AM, a U.S. 7-year Treasury auction.We will be closely monitoring whether the central bank governors’ remarks at the ECB Forum lead to shifts in currency strength.

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