Will the strength in European currencies seen since yesterday continue? All eyes are on price movements ahead of the ECB meeting.

Will the strength in European currencies seen since yesterday continue? All eyes are on price movements ahead of the ECB meeting.

24.10.2023

In the previous day’s U.S. currency trading, the U.S. dollar fell toward the end of the U.S. trading session, ultimately becoming the weakest currency. The USD/JPY pair plummeted from 149.993 to 149.557.As the key 150 yen level approached, selling pressure continued to cap the upside. However, on the 4-hour chart, price action remained confined to a narrow range around the 20-period moving average (MA), and since it has been trading above the 75-period MA, we need to carefully assess whether any distinctive price movements will emerge before next week’s FOMC meeting.

In the European session, the pound emerged as the strongest currency alongside the euro, gaining ground against all other currencies. GBP/JPY rose from 182.036 to 183.489. It surged sharply from just below the 200-period SMA on the 4-hour chart without retesting the level. GBP/JPY continues to trend higher during today’s Asian session and is attempting to test the recent high of 183.800. We will be watching to see if the pound continues to rise against the yen heading into the European session.

Today’s schedule includes UK employment figures and the German GfK Consumer Confidence Survey at 3:00 PM, French Manufacturing/Services PMI at 4:15 PM, German Manufacturing/Services PMI at 4:30 PM, Eurozone Manufacturing/Services PMI at 5:00 PM, and UKmanufacturing/services PMI, the Hungarian central bank’s policy rate and statement at 9:00 PM, remarks by ECB President Lagarde at 9:30 PM, U.S. manufacturing/services PMI at 10:45 PM, and the Richmond Fed Manufacturing Activity Index at 11:00 PM. We will be watching price movements ahead of the ECB meeting to see if the strength in European currencies seen since yesterday continues.

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