All eyes are on whether the U.S. dollar will maintain its strength ahead of the FOMC meeting early next month

All eyes are on whether the U.S. dollar will maintain its strength ahead of the FOMC meeting early next month

17.10.2022

Last weekend, the U.S. dollar emerged as the strongest currency during U.S. trading hours after the University of Michigan’s October Consumer Sentiment Index came in at 59.8, beating market expectations of 58.9. The USD/JPY pair rose by nearly 2 yen, from 146.839 to 148.859, closing at a level not seen in 32 years.During today’s Asian trading session, USD/JPY is attempting to rise, with the downside appearing heavy. The pair is currently trading around 148.610, supported by the 10-period moving average on the hourly chart. We will need to monitor the situation carefully to see if an upward move materializes as U.S. trading hours approach.

European currencies saw the euro hold its ground against a rising U.S. dollar, with the EUR/USD pair trading in a range of 100 pips between 0.9707 and 0.9808.There has been no significant price movement during Asian trading hours at the start of the week, with the pair trading within a 15-pip range. Since the EUR/USD pair has stalled at the 61.8% Fibonacci retracement level following its rise two weeks ago, we will be watching closely to see if this range-bound market continues for the time being.

Today, at 3:00 PM Asia time, Norway’s trade balance will be released; at 5:00 PM Europe time, Turkey’s fiscal balance will be released;the Brazilian IBC-BR Economic Activity Index at 9:00 PM U.S. time, the Philippine Consumer Price Index at 9:00 PM, the U.S. NY Fed Manufacturing Index at 9:30 PM, U.S. 3-month and 6-month Treasury auctions at 12:30 AM, remarks by German Bundesbank President Nagel at 4:00 AM, and remarks by Canadian Senior Deputy Governor Rogers at 5:00 AM.We will be closely monitoring whether the US dollar maintains its strength ahead of the FOMC meeting early next month, following the release of last weekend’s US CPI data.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?