All eyes are on whether the ECB will raise interest rates and whether the euro will rise as a result

All eyes are on whether the ECB will raise interest rates and whether the euro will rise as a result

14.09.2023

In yesterday’s U.S. currency trading, the upside for the U.S. dollar was capped as the U.S. August core CPI, released yesterday, moderated to 4.3% year-over-year from 4.7%. The EUR/USD pair fell slightly from 1.0764 to 1.0710. However, the downward momentum did not persist, and the pair rebounded to 1.0749. The market remained trendless.During today’s Asian session, the price is hovering around the 20-period moving average on the 4-hour chart, and with the Bollinger Band middle line remaining flat, we will be watching for price action during the European session.

Ahead of today’s ECB policy rate announcement, the euro has been trading in a narrow range against the yen. The EUR/JPY pair has been moving without a clear direction between 158.652 and 158.001, continuing to trade sideways around the 20-day moving average.A 0.25% rate hike is expected from the ECB today, but we will be watching closely to see if the euro rises in line with market expectations.

Today, at 3:00 PM, Sweden’s Consumer Price Index; at 3:30 PM, Switzerland’s Import Producer Price Index and India’s Wholesale Price Index; at 7:00 PM, Israel’s Current Account Balance; at 9:15 PM, the ECB’s policy rate decision and statement; at 9:30 PM, Canada’s Wholesale Sales;at 9:30 PM, U.S. Retail Sales, U.S. Producer Price Index, and U.S. Initial Jobless Claims; at 9:45 PM, a press conference by ECB President Lagarde; at 11:00 PM, U.S. Business Inventories; and at 11:30 PM, U.S. Weekly Natural Gas Inventories. I want to closely monitor the market direction to see if the ECB will raise rates and cause the euro to rise.

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