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All eyes are on whether the euro’s upward trend will continue following the ECB meeting

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All eyes are on whether the euro’s upward trend will continue following the ECB meeting

15.12.2023

Today's Highlights
  1. Germany: Manufacturing/Services PMI
  2. France: Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar was the weakest currency throughout the day, despite the fact that U.S. retail sales for November—released yesterday—showed a significant improvement, rising to +0.3% from -0.1% the previous month.The EUR/USD pair rose by just under 150 pips, from 1.0861 to 1.1009, significantly surpassing this month’s high. From a technical perspective, the EUR/USD has risen sharply from just below the 20-day moving average (MA) on the weekly chart, and as the pattern is beginning to take on an expansionary shape, we should watch for a rebound and upward movement for the time being.

The euro rose against the yen after the European Central Bank (ECB) announced yesterday that it would keep its policy rate unchanged at 4.5%, in line with market expectations.The euro/yen pair rose from 153.838 to 156.057, avoiding a new low for the month. The pair rebounded after touching the 200-day simple moving average (SMA), and the focus is now on whether it will form a double bottom on the daily chart. We will be watching closely to see if the upward movement driven by short-covering continues through the weekend.

Today, the French Consumer Price Index will be released at 16:45, the French Manufacturing/Services PMI at 17:15, and the GermanManufacturing/Services PMI at 17:30, Eurozone Manufacturing/Services PMI at 18:00, UK Manufacturing/Services PMI at 18:30, Eurozone Trade Balance at 19:00, Russia’s Policy Rate at 19:30,at 22:15, Canadian housing starts; at 22:30, Canadian international securities turnover; at 22:30, U.S. New York Fed Manufacturing Index; at 23:15, U.S. industrial production; and at 23:45, U.S. Manufacturing/Services PMI.I’d like to carefully monitor price movements over the weekend to see if the euro’s upward trend following the ECB announcement will continue.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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