All eyes are on whether Lagarde’s remarks will move the euro

All eyes are on whether Lagarde’s remarks will move the euro

17.07.2023

Last weekend, the US dollar stabilized against the euro as the dollar’s recent weakness, which had persisted for several days, came to a halt and the dollar emerged as the strongest currency.The EUR/USD pair traded within a very narrow range between 1.1204 and 1.1244, showing a lack of directional momentum. However, while the pair remains above the 10-period moving average on the 4-hour chart, the daily RSI has exceeded 70—a sign of overbought conditions—and the weekly RSI has also touched 70, so we should remain cautious of a corrective decline in the EUR/USD pair.

European currencies saw the GBP/JPY pair rise, partly due to a general rebound in cross-yen pairs. The GBP/JPY pair climbed by about 2 yen, from 180.211 to 182.280, recovering to the 200-period SMA on the hourly chart. On the daily chart, the price has broken above the 20-period MA with a real body, and the daily RSI is also showing signs of a rebound, so we will be watching the pace of the pound’s rise during European trading hours.

Today’s schedule includes Turkey’s fiscal balance at 17:00 CET, remarks by ECB President Lagarde at 17:15 CET, total reserve assets in the Eurozone at 19:00 CET, Brazil’s economic activity index at 20:00 CET, and the Philippines’ consumer price index at 21:00 CET, followed by Canada’s international securities turnover and wholesale sales at 21:30 EST,at 9:30 PM, the US New York Fed Manufacturing Index, and at 12:30 AM, the US 6-month Treasury bill auction. We will be closely monitoring the market direction to see if ECB President Lagarde’s remarks will move the euro.

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