All eyes are on whether the euro’s direction will become clear following the ECB meeting

All eyes are on whether the euro’s direction will become clear following the ECB meeting

29.01.2024

Last weekend, the U.S. dollar rose against the yen after U.S. December personal income data released on the 26th showed a decline from 0.4% the previous month to 0.3%, while month-over-month spending rose from 0.2% to 0.7%.The USD/JPY pair rose from 147.398 to 148.322, breaking above the +3σ line of the hourly Bollinger Bands. During today’s Asian trading session, the USD/JPY has fallen slightly but has not fallen below the 20-period moving average (MA) on the hourly chart.

European currencies rose against the yen as the Eurozone’s December M3 money supply, released on the 26th, showed a year-on-year increase of 0.1%, up from the previous month’s decline of 0.9%.The EUR/JPY pair rose from 159.825 to 160.920. This marks the third consecutive day of trading within this range. On the daily chart, the EUR/JPY is hovering near the 10-day moving average (MA) around the 160.50 level, and it remains to be seen whether the 10-day MA will act as support or resistance.

Today’s schedule includes New Zealand’s trade balance at 6:45 a.m., Sweden’s GDP and retail sales, and Norway’s credit indicators at 4:00 p.m., the Dallas Fed Manufacturing Activity Index at 11:30 p.m., and U.S. 3-month and 6-month Treasury bill auctions at 1:30 a.m. No other high-profile economic indicators or remarks by key officials are scheduled.We will be watching closely to see if the euro’s direction becomes clearer.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   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

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   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?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed