Market participants are likely to keep a close eye on the euro’s price movements, which have been fluctuating and facing resistance at higher levels

Market participants are likely to keep a close eye on the euro’s price movements, which have been fluctuating and facing resistance at higher levels

20.09.2023

In the previous session, the U.S. dollar remained in a stalemate against the yen ahead of today’s FOMC policy rate announcement. The USD/JPY pair fluctuated within a narrow range between 147.505 and 147.918 throughout the session. On the hourly chart, the price is moving above the 20-period moving average (MA), while on the 4-hour chart, it continues to trade in a tight range, supported by the 20-period MA on the downside.We should remain vigilant regarding the dollar’s price action should the FOMC decide to keep interest rates unchanged at today’s meeting.

European currencies saw the euro, which had been rising, pull back in late U.S. trading after the final August consumer price index for the eurozone, released yesterday, came in at 5.2%, down from 5.3% the previous month.The euro/yen pair rose sharply from 157.738 to 158.275 before losing momentum, effectively erasing nearly all of its gains. Furthermore, since the euro/dollar pair also closed with a complete reversal, we will be watching closely to see if today’s FOMC meeting will cap further gains.

Today’s schedule includes Germany’s Producer Price Index and the UK’s Consumer Price Index and Retail Sales at 3:00 PM; South Africa’s Consumer Price Index at 5:00 PM; Eurozone Construction Output at 6:00 PM; and the U.S. MBA Mortgage Applications Index at 8:00 PM.South African retail sales are scheduled for 11:30 PM, followed by U.S. weekly crude oil inventories at 1:30 AM, the FOMC policy rate decision and statement at 2:30 AM, and a press conference by Fed Chair Powell at 2:30 AM. We will be closely monitoring the euro’s price action, which has been range-bound with resistance at higher levels.

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