Attention Turns to the Release of the U.S. FOMC Minutes
24.11.2021
- U.S. Releases November FOMC Minutes
- U.S. Initial Unemployment Insurance Claims
Yesterday, two of the three major U.S. stock indices rose, resulting in a market environment characterized by higher stock prices, higher interest rates, and higher crude oil prices.The preliminary U.S. manufacturing and services PMI figures released yesterday came in at 56.5, down from 57.6 in October, reflecting the impact of recent labor shortages. The Russell 2000 closed slightly lower at 2,327.
In the foreign exchange market, the Canadian dollar staged a strong rebound among the yen crosses, with the CAD/JPY pair rising from 89.95 to 90.95. The CAD/JPY pair remains below the 200-period SMA on the 4-hour chart, and the key question will be whether it can rise to the 200-period SMA at 91.4.Meanwhile, the USD/CAD pair continues its upward trend and is trading around 1.268.
Today’s schedule includes the Turkish Economic Sentiment Index at 16:00, the German IFO Business Climate Index at 18:00, the U.S. MBA Mortgage Applications Index at 21:00, U.S. Initial Jobless Claims and U.S. Q3 GDP (revised) at 22:30,U.S. Personal Consumption Expenditures, U.S. Durable Goods Orders, at 11:30 p.m. a speech by MPC Member Tenreiro of the UK, at midnight U.S. New Home Sales, U.S. University of Michigan Consumer Sentiment Index, U.S. Personal Income,U.S. weekly natural gas inventories, at 24:30 U.S. weekly crude oil inventories, and at 28:00 the release of the U.S. November FOMC minutes are scheduled. I intend to assess currency strength and weakness while paying close attention to the content of the U.S. FOMC minutes to be released today.
Author: Keisuke Sakurai
