Will the euro, which has been struggling to gain ground, recover during U.S. trading hours, or should we wait and see?

Will the euro, which has been struggling to gain ground, recover during U.S. trading hours, or should we wait and see?

18.09.2024

In yesterday’s U.S. currency trading, the Canadian dollar rose against the yen despite the fact that Canada’s August Consumer Price Index, released yesterday, fell to 2.0% year-over-year from 2.5% the previous month. The CAD/JPY pair rose from 103.260 to 104.767, extending its gains to just below the 200-period SMA on the hourly chart.On the 4-hour chart, the price has rebounded from the -2σ line of the Bollinger Bands, and on the daily chart, it has recovered to just below the 10-day moving average.

European currencies saw the euro dip slightly against the U.S. dollar after the September ZEW Economic Sentiment Index, released yesterday, fell to 9.3 from 17.9 the previous month.The EUR/USD pair fell from 1.1146 to 1.1109, moving across the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is searching for direction just below the 10-period MA, while on the daily chart, it continues to trade above the 10-period MA.

Today’s schedule includes New Zealand’s current account balance at 7:45, Japan’s machinery orders and nominal trade balance at 8:50, Australia’s Westpac Leading Index at 9:30, the UK’s Consumer Price Index, Retail Price Index, and Producer Price Index at 15:00, South Africa’s Consumer Price Index at 17:00, and the Eurozone’sConstruction Output, and the Eurozone Consumer Price Index; at 8:00 PM, the US MBA Mortgage Applications Index; at 9:30 PM, US Housing Starts; at 11:30 PM, US Weekly Crude Oil Inventories; at 3:00 AM, the US FOMC policy rate decision and statement; and at 3:30 AM, remarks by Fed Chair Powell.I intend to watch cautiously to see if the euro, which has been facing resistance on the upside, will recover during U.S. trading hours.

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