All eyes are on whether the U.S. dollar, which has been struggling to gain ground following the release of the FOMC minutes, will recover

All eyes are on whether the U.S. dollar, which has been struggling to gain ground following the release of the FOMC minutes, will recover

24.11.2022

In the U.S. currency market yesterday, the dollar’s upside was capped and the currency fell as the minutes from the FOMC meeting released yesterday were perceived as dovish. The EUR/USD pair rose by about 150 pips and broke above the daily 200-day SMA, but since the daily RSI has already reached 70, we will be watching closely to see if a divergence occurs and the pair falls.

Among European currencies, the pound has risen significantly, with GBP/USD climbing more than 200 pips from 1.1869 to 1.2082. During today’s Asian trading session, the pair is trading just below the daily 200-day EMA, and with the daily RSI showing signs of a reversal and trending upward, we need to carefully assess whether it will continue to rise from the current price of 1.2087.

Today’s schedule includes the release of Turkey’s Economic Sentiment Index and Capacity Utilization Rate at 16:00 CET, Germany’s IFO Business Climate Index at 18:00, remarks by BOE Deputy Governor Ramsden at 18:45, remarks by MPC member Pill at 19:30, and the release of the ECB Meeting Minutes at 20:00.CBI Business Survey, the release of Turkey’s TCMB policy rate and statement, the release of the ECB meeting minutes at 21:30, remarks by UK MPC member Mann at 22:45 during U.S. trading hours, and remarks by German Bundesbank President Nagel at 25:00. We will be watching closely to see if the U.S. dollar, which has been weighed down following the release of the FOMC minutes, will recover.