Attention Turns to the Content of the U.S. FOMC Minutes
24.11.2021
- U.S. FOMC Minutes for November Released
- 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 U.S. manufacturing and services PMI (flash estimates) 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 rebounded sharply 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 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 4:00 p.m., the German IFO Business Climate Index at 6:00 p.m., the U.S. MBA Mortgage Applications Index at 9:00 p.m., U.S. Initial Jobless Claims and U.S. Third-Quarter GDP (revised) at 10:30 p.m.,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, U.S. weekly crude oil inventories at 24:30, and the release of the U.S. November FOMC minutes at 28:00. We will be monitoring the content of today’s FOMC minutes release while assessing currency strength and weakness.
Author: Keisuke Sakurai
