Should we keep a close eye on the euro, whose upward momentum shows no signs of slowing?

Should we keep a close eye on the euro, whose upward momentum shows no signs of slowing?

22.02.2024

In yesterday’s U.S. currency markets, the U.S. dollar weakened against the euro after the MBA Mortgage Applications Index, released yesterday, deteriorated from the previous reading of -2.3% to -10.6%. The EUR/USD pair rose from 1.0789 to 1.0823. It continued to climb during today’s Asian session, showing an uptrend along the 20-period and 10-period moving averages on the hourly chart. We should watch to see if the U.S. dollar continues to weaken heading into the European session.

European currencies rose against the yen as the February consumer confidence index improved to -15.5 from -16.1 the previous month. The euro/yen pair rose by about 1 yen, from 161.940 to 162.932. This marks the sixth consecutive day of gains. We will need to assess carefully whether the euro will continue to rise against the yen and reach the recent high around 163.600.

Today’s schedule includes Japan’s domestic and foreign securities investment at 8:50, Indonesia’s current account balance at 12:00, India’s manufacturing and services PMI at 14:00, France’s business sentiment at 16:45, France’s manufacturing and services PMI at 17:15, Germany’s manufacturing and services PMI at 17:30, and the Eurozone’sManufacturing/Services PMI, at 6:30 PM UK Manufacturing/Services PMI, at 7:00 PM Eurozone Consumer Price Index, at 10:30 PM Canada Retail Sales and US Initial Jobless Claims, at 11:45 PM US PMI Purchasing Managers’ Index, and at 12:00 AM US Existing Home Sales.We will closely monitor the euro’s movements, as its upward momentum shows no signs of abating.

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