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Should We Keep a Close Eye on the U.S. Dollar's Movements During FOMC Week?

Market Report

Should We Keep a Close Eye on the U.S. Dollar's Movements During FOMC Week?

19.09.2022

Today's Highlights
  1. Manufacturing and Mining Production
  2. U.S. NAHB Housing Market Index

Last weekend, the U.S. dollar retreated as the Dollar Index edged down to around 109.8. The EUR/USD pair rose 90 pips from 0.9944 to 1.0035 and is currently trading just below the 20-period moving average on the 4-hour chart.On the daily chart and longer-term timeframes, the EUR/USD pair has not yet broken out of its downtrend, and no reversal signals have appeared. We will be watching closely to see if the FOMC meeting this week brings a change in direction.

Among European currencies, the pound fell under pressure from the strengthening Oceania currencies. The GBP/AUD pair dropped by approximately 160 pips from 1.7135 to 1.6975. The price action saw the pair fall back below the daily 20-day moving average (MA), which it had previously broken above.Since the GBP/AUD pair closed last week with a bearish candlestick featuring an upper shadow due to last weekend’s decline, we will be watching closely to see if an upward move occurs heading into the weekend.

No major economic indicators are scheduled for release during European trading hours today. However, once U.S. trading begins, the Canadian Industrial Product Prices and Canadian Raw Materials Price Index are scheduled for release at 21:30, followed by the U.S. NAHB Housing Market Index at 23:00.This week is packed with major events, including the release of Japanese and Canadian CPI figures on the 20th, the U.S. FOMC policy rate announcement on the 21st, and policy rate announcements from the UK, Japan, and Switzerland on the 22nd. We will be closely monitoring the direction of the U.S. dollar ahead of the FOMC meeting.

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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