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All Eyes on the U.S. FOMC Policy Rate?

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All Eyes on the U.S. FOMC Policy Rate?

28.04.2021

Today's Highlights
  1. U.S. FOMC Policy Rate Announcement
  2. Speech by U.S. President Biden (time to be determined)

Yesterday, European markets fell across the board, while U.S. markets saw little movement ahead of the FOMC meeting, resulting in a market characterized by flat stock prices, a stronger U.S. dollar, and higher interest rates. Crude oil rose to the $62.7 range, while gold fell in tandem with the U.S. dollar’s rise and is currently trading in the $1,770 range.The U.S. S&P Case-Shiller Home Price Index released yesterday came in at 11.94%, slightly above the forecast of 11.8%.

In the foreign exchange market, the Dollar Index—which measures the relative strength of the U.S. dollar—has stopped falling, and the U.S. dollar is showing a notable rise.The USD/JPY pair touched 108.97 during today’s Asian trading session and is on track to approach 109.00. However, the EUR/USD pair is trading in a range between 1.205 and 1.209 on the hourly chart, indicating that the euro is also showing strength, similar to the U.S. dollar.

Today, the French Consumer Confidence Index is scheduled for 15:45, the U.S. MBA Mortgage Applications Index for 20:00, Canadian Retail Sales and U.S. Wholesale Inventories for 21:30,at 11:00 PM, remarks by ECB President Lagarde; at 11:30 PM, U.S. weekly crude oil inventories; at 3:00 AM, the FOMC policy rate announcement and statement; and at 3:30 AM, a press conference by FOMC Chair Powell.In addition, U.S. President Biden’s State of the Union address is scheduled for sometime between the early hours of this morning and the morning. We will carefully assess the strength of the U.S. dollar versus the euro, which has been trending higher recently.

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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