All eyes are on whether the release of the ECB meeting minutes will cause any shifts in the euro’s movement

All eyes are on whether the release of the ECB meeting minutes will cause any shifts in the euro’s movement

12.10.2023

In yesterday’s U.S. trading session, the U.S. dollar strengthened as the U.S. September Producer Price Index (PPI), released yesterday, rose to 2.2% year-over-year from 1.6% the previous month. The USD/JPY pair rose from 148.424 to 149.324.Upward price movement is also being observed during today’s Asian trading session. From a technical perspective, USD/JPY is finding support at the 20-day moving average (MA) on the daily chart and is awaiting an opportunity to rebound; therefore, caution is advised ahead of today’s CPI release.

European currencies saw the euro fluctuate against the U.S. dollar after Germany’s Consumer Price Index (CPI), released yesterday, matched the previous month’s year-over-year rate of 4.5%. The EUR/USD pair traded between 1.0580 and 1.0634, with price action consistently hovering around the 20-period moving average on the hourly chart.With the ECB meeting minutes set to be released today, attention will focus on whether they reveal a continued hawkish stance.

Today, at 3:00 PM: UK Industrial Production, UK Trade Balance, UK Manufacturing Output; at 6:00 PM: Remarks by MPC member Pill; at 8:30 PM: Release of the ECB Governing Council Meeting Minutes; at 9:00 PM: India’s Industrial Production and Consumer Price Index, Mexico’s Industrial Production;at 9:30 PM: US Initial Jobless Claims and US Consumer Price Index; at 11:00 PM: Remarks by Logan, President of the Dallas Fed; at 12:00 AM: US Weekly Crude Oil Inventories; at 2:00 AM: US 30-Year Treasury Auction and remarks by Bostic, President of the Atlanta Fed; and at 3:00 AM: US Budget Balance.We will closely monitor whether the release of the ECB meeting minutes brings any changes to the euro’s movement.

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