Markets may be watching the dollar’s movements following the FOMC minutes, which revealed a number of hawkish officials

Markets may be watching the dollar’s movements following the FOMC minutes, which revealed a number of hawkish officials

23.02.2023

In the previous day’s U.S. currency trading, the U.S. dollar rose against the euro following the release of the FOMC minutes, which revealed a majority of hawkish officials.The EUR/USD pair fell from 1.0663 to 1.0599, hitting a new low for the month. From a technical perspective, the daily RSI is trending downward, and the pair has fallen below the 23.6% Fibonacci retracement level. We will be watching closely to see if it continues to decline toward the 38.2% line at 1.0469.

Among European currencies, the pound—which had risen by more than 2 yen the previous day following the PMI release—fell back by about 1.3 yen. The GBP/JPY pair dropped from 163.752 to 162.203. The decline halted as the pair found support at the 75-period moving average on the hourly chart.On the 4-hour chart, the pair is positioned just below the 20-MA, but it has already touched the upper boundary of the daily uptrend line. As a result, a pullback is possible, so traders should be cautious of a decline during European trading hours.

Today’s economic indicators include remarks by a member of the Bank of England’s Monetary Policy Committee (MPC) at 6:30 PM, the Eurozone Consumer Price Index at 7:00 PM, remarks by Bank of England Deputy Governor Kanli at 7:45 PM, the Turkish Central Bank’s (TCMB) policy rate decision and statement at 8:00 PM, U.S. initial jobless claims, U.S. fourth-quarter GDP, and the U.S. core PCE deflator at 10:30 PM,US Chicago Fed National Activity Index, 12:30 AM: US weekly natural gas inventories, 12:50 AM: US remarks by Bostic, President of the Atlanta Fed, 1:00 AM: US weekly crude oil inventories, 3:00 AM: US 7-year Treasury auction, and 4:00 AM: US remarks by Daly, President of the San Francisco Fed.We will be closely monitoring the movement of the U.S. dollar, as the FOMC minutes revealed a number of hawkish officials.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 14.04.2026

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

7. 13.04.2026

   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. 10.04.2026

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

9. 09.04.2026

   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. 08.04.2026

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