Should we keep an eye on the potential for an upward move following ECB President Lagarde’s remarks?

Should we keep an eye on the potential for an upward move following ECB President Lagarde’s remarks?

16.11.2023

In the U.S. currency market yesterday, the Canadian dollar rose against the yen despite the fact that Canada’s September manufacturing sales, released yesterday, fell to 0.4% from 0.7% the previous month.The CAD/JPY pair rose from 109.732 to 110.674, forming a strong bullish candle on the daily chart. The pair has been rising along the 20-day moving average (MA) since the beginning of the month, and since the 20-day MA is also serving as a solid support line on the weekly chart, we should keep an eye on the strength of the Canadian dollar heading into the second half of the month.

European currencies fell against the U.S. dollar as the euro weakened following yesterday’s release of September industrial production data for the eurozone, which showed a year-on-year decline of 6.9%, worsening from the previous month’s 5.1% drop.The EUR/USD pair fell by just over 50 pips, from 1.0885 to 1.0831. It fell below the 20-period moving average (MA) on the hourly chart, signaling a pause in the short-term uptrend. However, as it remains above the 10-period MA on the 4-hour chart, we will be watching for further gains in the euro during European trading hours.

Today’s schedule includes Hong Kong employment figures at 5:30 PM, Israel’s third-quarter GDP at 8:00 PM, remarks by ECB President Lagarde at 8:30 PM, remarks by Fed Vice Chair Barr at 9:10 PM, Canadian housing starts at 10:15 PM, U.S. initial jobless claims at 10:30 PM, and remarks by U.S. Federal Reserve Governor Mester:Cleveland Fed President remarks, U.S. import/export price indices, U.S. Philadelphia Fed Manufacturing Index, U.S. industrial production at 11:15 PM, U.S. NAHB Housing Market Index at 12:00 AM, U.S. Fed Governor Waller remarks at 12:30 AM, and U.S. Fed Governor Cook remarks at 2:00 AM.We will monitor remarks by ECB President Lagarde while assessing the euro’s upside potential.

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