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

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

15.12.2023

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, improved significantly from a 0.1% decline the previous month to a 0.3% increase.The EUR/USD pair rose by just under 150 pips, from 1.0861 to 1.1009, significantly surpassing this month’s high. Technically speaking, the EUR/USD has risen sharply from just below the weekly 20-day moving average (MA), and as the pattern is beginning to form an expansion, we should watch for a rebound and further gains in the near term.

European currencies rose against the yen after the ECB announced yesterday that it would keep its policy rate unchanged at 4.5%, in line with market expectations.The EUR/JPY pair rose from 153.838 to 156.057, avoiding a new monthly low. The pair rebounded after touching the 200-day simple moving average (SMA) on the daily chart, 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’s schedule includes the French Consumer Price Index at 4:45 PM, the French Manufacturing/Services PMI at 5:15 PM, the German Manufacturing/Services PMI at 5:30 PM, the Eurozone Manufacturing/Services PMI at 6:00 PM, the UK Manufacturing/Services PMI at 6:30 PM, and the Eurozonetrade balance, at 7:30 PM the Russian policy rate, at 10:15 PM Canadian housing starts, at 10:30 PM Canadian international securities turnover, at 10:30 PM the U.S. New York Fed Manufacturing Index, at 11:15 PM U.S. industrial production, and at 11:45 PM the U.S. Manufacturing/Services PMI.We will carefully monitor price movements over the weekend to see if the euro’s upward trend following the ECB announcement will continue.

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