Should we wait and see which direction the euro takes now that its consecutive gains have paused?

Should we wait and see which direction the euro takes now that its consecutive gains have paused?

17.11.2023

In yesterday’s U.S. currency trading, the U.S. dollar weakened significantly against the yen despite the fact that the Philadelphia Fed’s November Business Outlook Index, released yesterday, came in at -5.9—better than the market forecast of -11.5. The USD/JPY pair fell from 151.425 to 150.287, a move that offset the gains from the day before yesterday.From a technical perspective, although USD/JPY remains above the 20-day moving average on the daily chart, the RSI is showing signs of turning downward, so caution is warranted regarding price movements during U.S. trading hours.

European currencies fell against the yen yesterday after ECB President Lagarde stated, “If European banks are forced to sell bonds held for funding purposes, they could suffer significant losses.”The EUR/JPY pair fell from 164.302 to 163.254. The decline halted just below the 20-period moving average (MA) on the 4-hour chart. However, since the EUR/JPY remains in an uptrend along the 10-period MA on the daily chart, traders should pay close attention to economic data releases during European trading hours.

Today’s schedule includes UK retail sales at 4:00 PM, Sweden’s unemployment rate at 4:00 PM, Swiss industrial production at 4:30 PM, remarks by ECB President Lagarde at 5:30 PM, the EU current account balance at 6:00 PM, the EU consumer price index at 7:00 PM, and at 10:00 PM, remarks byremarks by German Bundesbank President Nagel, at 10:10 PM remarks by UK BOE Deputy Governor Ramsden, at 10:15 PM remarks by UK MPC member Green, at 10:30 PM Canadian international securities turnover, US housing starts, and Canadian industrial production, and at 10:45 PM remarks by US Fed Vice Chair Barre.I intend to carefully monitor the direction of the euro, as its recent upward trend has paused.

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