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All Eyes on the Release of the U.S. FOMC Minutes

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All Eyes on the Release of the U.S. FOMC Minutes

07.07.2021

Today's Highlights
  1. Germany: Industrial Production
  2. U.S. June FOMC Minutes Released

Yesterday, stock prices fell in both European and U.S. markets, leading to a risk-off environment characterized by falling stock prices, lower interest rates, and a weaker U.S. dollar. Germany’s July ZEW Economic Sentiment Index, released yesterday, came in at 63.3 against a forecast of 75.2, but it remains at a high level and did not signal a recession.Gold rose to the 38.2% level on the daily chart but then pulled back and is currently trading around $1,800.

In the foreign exchange market, Oceania currencies are trading weakly. In particular, the AUD/USD pair—following yesterday’s announcement by the RBA (Reserve Bank of Australia) that it would keep its policy rate unchanged—fell by about 100 pips shortly after the announcement and is currently trading around 0.749.The RBA announced that it would “begin tapering its quantitative easing program in September, reducing government bond purchases from 5 billion AUD to 4 billion AUD per week,” thereby signaling a gradual exit from its accommodative monetary policy.

Today, at 15:00 Asia time, Germany’s industrial production will be released; at 15:45, France’s trade balance and current account balance will be released; at 16:30 Europe time, the UK’s Halifax house price index will be released; and at 20:00, the U.S.MBA Mortgage Applications Index, at 23:00 U.S. time: Canada’s Ivey PMI and the U.S. JOLTS report, at 27:00: the release of the June FOMC minutes, and at 28:30: remarks by Bostic, President of the Atlanta Fed.Ahead of today’s release of the U.S. FOMC minutes, I’d like to wait and see how currency strength and weakness evolve.

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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