All Eyes on the Release of the FOMC Minutes in U.S. Time
05.01.2022
- France: Consumer Confidence Index
- U.S. FOMC Releases Minutes of December Meeting
Yesterday, the three major U.S. stock indices posted mixed results, with stock prices remaining flat amid rising interest rates and higher crude oil prices. The yield on the 10-year U.S. Treasury note briefly touched 1.68% and is currently trading in the 1.65% range.Although cryptocurrency prices are facing resistance on the upside, they remain at the same levels as yesterday, with BTC/USD trading in the $46,100 range.
In the foreign exchange market, the euro is showing signs of weakness and has been falling against the pound, another European currency; the euro/pound exchange rate has declined for three consecutive days, from 0.839 to 0.833.From a technical perspective, the EUR/GBP pair has broken well below its daily low of 0.838 since the start of the year, and with the next target low at 0.828 on the monthly chart, investors should be cautious of further declines.
Today’s economic indicators include the French Consumer Confidence Index at 16:45, the French Services PMI (final reading) at 17:50, the German Services PMI (final reading) at 17:55, the Eurozone Services PMI (final reading) at 18:00,9:00 PM: U.S. MBA Mortgage Applications Index; 10:15 PM: U.S. ADP National Employment Report; 10:30 PM: Canadian Housing Starts;at 11:45 PM, the U.S. Services PMI (final reading); at 12:30 AM, U.S. weekly crude oil inventories; and at 4:00 AM, the release of the FOMC minutes for December are scheduled. While keeping an eye on the economic indicators scheduled for release during U.S. trading hours, I want to assess currency strength and weakness.
