All eyes are on the release of the FOMC minutes
24.11.2021
- Minutes of the November FOMC Meeting Released
- U.S. Initial Jobless Claims
Yesterday, two of the three major U.S. stock indices rose, resulting in a market environment characterized by rising stock prices, interest rates, and 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 staged a strong rebound among the yen crosses, with the CAD/JPY pair rising from 89.95 to 90.95. On the 4-hour chart, CAD/JPY remains below the 200-day SMA, and the key question will be whether it can rise to the 200-day SMA at 91.4. Meanwhile, USD/CAD continues its upward trend and is trading around 1.268.
Today’s schedule includes the Turkish Economic Sentiment Index at 4:00 PM, the German IFO Business Climate Index at 6:00 PM, the U.S. MBA Mortgage Applications Index at 9:00 PM, U.S. Initial Jobless Claims, U.S. Q3 GDP (revised), U.S. Personal Consumption Expenditures, and U.S. Durable Goods Orders at 10:30 PM, and a statement by Tenreiro, a member of the FOMC, at 11:30 PM.remarks by MPC member Tenreiro, at 12:00 AM: U.S. new home sales, U.S. University of Michigan Consumer Sentiment Index, U.S. personal income, and U.S. weekly natural gas inventories; at 12:30 AM: U.S. weekly crude oil inventories; and at 4:00 AM: the release of the U.S. November FOMC minutes.We will monitor currency strength and weakness while paying close attention to the content of the U.S. FOMC minutes released today.
Author: Keisuke Sakurai
