Market participants are keeping a close eye on the upside potential of the euro as it rises heading into the weekend

Market participants are keeping a close eye on the upside potential of the euro as it rises heading into the weekend

08.02.2024

In the previous day’s U.S. currency markets, the U.S. dollar fell against the euro as Collins, President of the Boston Federal Reserve Bank, adopted a slightly hawkish stance, stating that “more data is needed to support a rate cut.”The EUR/USD pair rose from 1.0746 to 1.0783. An upward move along the 20-period moving average (MA) on the hourly chart was confirmed. On the higher-timeframe weekly chart, the EUR/USD is forming a bullish candle with a lower wick, so we should watch for potential upside momentum during U.S. trading hours.

European currencies rose against the yen after Germany’s December industrial production, released yesterday, showed a year-on-year decline of 3.0%, narrowing from the previous month’s 4.8% drop. The euro/yen pair rose from 158.902 to 159.726.It continues to rise during today’s Asian trading session. Technically, the EUR/JPY pair is consolidating around the 20-day moving average, so we will be watching for a breakout from this range during European trading hours.

Today’s schedule includes the China Producer Price Index at 10:30, the Thailand Consumer Confidence Index at 12:00, the India Policy Rate and Statement at 13:30, the Japan Economic Watchers Survey at 14:00, and the EurozoneECB Monthly Report, South Africa’s Manufacturing Output at 8:00 PM, Mexico’s Consumer Price Index at 9:00 PM, U.S. Initial Jobless Claims at 10:30 PM, remarks by U.S. Richmond Fed President Barkin, U.S. Wholesale Inventories at midnight, and a U.S. 30-year Treasury auction at 3:00 AM.We will closely monitor the upside potential of the euro, which has been rising heading into the weekend.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

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

3. 16.04.2026New

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

4. 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

5. 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?

6. 13.04.2026

   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. 10.04.2026

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

8. 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?

9. 08.04.2026

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

10. 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