All eyes are on whether the euro, which has risen against the yen, will reverse course at today’s ECB meeting
18.12.2025
- U.S. Consumer Price Index
- UK: BOE Policy Rate and Statement Announcement
In the U.S. currency market the previous day, the U.S. dollar rose against the euro. The EUR/USD pair fell from 1.1757 to 1.1703.Price action remained within the range of the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, price is seen searching for direction just below the 20-period MA, while on the daily chart, the upward trend at higher levels—where price has remained within the range of the 10-period MA—remains intact.
Despite the German IFO Business Climate Index for November, released yesterday, falling to 87.6 from 88.1 the previous month, the euro rose against the yen. The euro/yen pair rose from 181.572 to 182.868.The price surged from the -2σ to the +2σ levels on the hourly Bollinger Bands. On the 4-hour chart, the price has rebounded from below the 20-period moving average (MA) to above it, and on the daily chart, the uptrend is continuing while finding support at the 20-period MA.
Today, New Zealand’s third-quarter GDP will be released at 6:45, Switzerland’s trade balance at 16:00,at 9:00 PM, the UK’s BOE policy rate and statement, along with the release of the BOE meeting minutes; at 10:15 PM, the Eurozone’s ECB policy rate and statement; at 10:30 PM, U.S. initial jobless claims, the U.S. Consumer Price Index, and the U.S. Philadelphia Fed Business Outlook Index;at 22:45: ECB President Lagarde’s press conference; at 24:30: U.S. weekly natural gas inventories; at 25:00: U.S. Kansas City Fed Manufacturing Activity Index; and at 27:00: U.S. 5-year inflation-indexed bond auction.We will be watching closely to see if the euro, which has risen against the yen, will reverse course following today’s ECB meeting.
Author: Keisuke Sakurai
