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Should We Keep an Eye on Currency Strength and Weakness Ahead of the FOMC Meeting?

Market Report

Should We Keep an Eye on Currency Strength and Weakness Ahead of the FOMC Meeting?

15.06.2022

Today's Highlights
  1. U.S. FOMC Policy Rate and Statement Announcement
  2. Press Conference by U.S. Federal Reserve Chair Powell

U.S. currencies rose the previous day due to the firm performance of the Dollar Index, and the GBP/USD pair fell by approximately 270 pips from 1.2209 to 1.1931.In the UK employment report released yesterday, the unemployment rate (ILO standard) worsened to 3.8%. The combination of the pound’s decline and the U.S. dollar’s rise led to a sharp drop. During today’s Asian trading session, the pair is also falling with the 20-period moving average on the hourly chart acting as resistance, so we should remain cautious of further downside movement.

Among European currencies, the euro held its ground against the U.S. dollar. While the GBP/USD fell nearly 300 pips, the EUR/USD traded in a range of 80 pips between a low of 1.0396 and a high of 1.0485, moving back and forth.Since the EUR/USD pair is holding above the 1.0396 support level on the 4-hour chart, we will be watching closely to see if it rebounds following today’s FOMC announcement.

Today’s schedule includes Swiss producer and import prices at 3:30 p.m., the French Consumer Price Index (final reading) at 3:45 p.m., Turkish housing prices at 4:00 p.m., and at 6:00 p.m., EurozoneEurozone Industrial Production and Trade Balance, at 6:15 PM: Remarks by Nagel, President of the German Federal Bank, at 8:00 PM: U.S. MBA Mortgage Applications Index, at 9:30 PM: U.S. Retail Sales and U.S. New York Fed Manufacturing Index, at 10:00 PM: Canadian Existing Home Sales,at 11:30 PM: U.S. weekly crude oil inventories; at 1:20 AM: remarks by ECB President Lagarde; at 3:00 AM: announcement of the FOMC policy rate and statement; and at 3:30 AM: press conference by Fed Chair Powell.We should pay close attention to the results of the FOMC meeting, which will be announced in the early morning.

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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Market Participants Are Watching the Pound Closely as It Falls Ahead of the U.K. Policy Rate Announcement

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