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Market Participants Are Cautiously Monitoring the Euro's Upside Potential Against the U.S. Dollar

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Market Participants Are Cautiously Monitoring the Euro's Upside Potential Against the U.S. Dollar

09.02.2026

Today's Highlights
  1. Japan Economic Watchers Survey
  2. Remarks by ECB President Lagarde

Last weekend, the Canadian dollar rose against the yen following the release of Canada’s January employment statistics on the 6th, which showed the unemployment rate falling by 0.3 percentage points from the previous month’s 6.8% to 6.5%. The CAD/JPY pair rose from 114.123 to 115.190.On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the uptrend along the 20-period MA continues, and on the daily chart, the pair has hit a new high for the month. The price has surged to the +2σ level of the Bollinger Bands.

European currencies saw the euro rise against the U.S. dollar, despite the fact that Germany’s December industrial production figures, released on the 6th, deteriorated year-over-year from 0.8% in the previous month to -0.6%.The EUR/USD pair rose from 1.1765 to 1.1826. Prices moved higher while finding support at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 200-period simple moving average (SMA) is acting as a support level, and a double bottom is forming. On the daily chart, the pair is searching for direction just below the 20-period MA.

Today’s economic indicators include Japan’s Monthly Labor Survey at 8:30, Japan’s Balance of Payments at 8:50, Japan’s Economic Watchers Survey at 14:00, and at 25:00, Germany’sremarks by German Bundesbank President Nagel and remarks by ECB President Lagarde, at 27:30 remarks by U.S. Federal Reserve Governor Waller, at 28:30 remarks by U.K. MPC Member Mann, and at 29:15 remarks by U.S. Atlanta Fed President Bostic.We will carefully monitor the upside potential of the euro, which has risen against the U.S. dollar.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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Will the U.S. dollar, which has been firming in U.S. trading hours, continue to rise, or should we wait and see which direction it takes?

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All eyes are on whether the U.S. dollar, which has fallen against the yen, will continue to slide further
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