All Eyes on Whether the U.S. Dollar, Which Has Been Struggling to Gain Ground Following the Release of the FOMC Minutes, Will Rebound

All Eyes on Whether the U.S. Dollar, Which Has Been Struggling to Gain Ground Following the Release of the FOMC Minutes, Will Rebound

24.11.2022

In the U.S. currency market yesterday, the U.S. dollar’s upside was limited 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-period SMA; however, since the daily RSI has already reached 70, we will be watching closely to see if a divergence occurs and triggers a decline.

Among European currencies, the pound rose 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 EMA, and with the daily RSI showing an upward trend in a reversal pattern, we need to carefully assess whether it will rise further from the current price of 1.2087.

Today, during European trading hours, the Turkish Economic Sentiment Index and Turkish Capacity Utilization Rate will be released at 16:00, followed by the GermanIFO Business Climate Index, at 18:45 UK Deputy Governor Ramsden’s remarks, at 19:30 UK MPC Member Pill’s remarks, at 20:00 UKCBI Business Survey, the Turkish TCMB policy rate and statement at 19:30, 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 under pressure following the release of the FOMC minutes, will recover.