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Markets May Keep a Close Eye on the U.S. Dollar’s Movements Following the FOMC Minutes, Which Revealed a Number of Hawkish Officials

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Markets May Keep a Close Eye on the U.S. Dollar’s Movements Following the FOMC Minutes, Which Showed a Number of Hawkish Officials

23.02.2023

Today's Highlights
  1. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
  2. European Consumer Price Index

In the U.S. currency market the previous day, the U.S. dollar rose against the euro following the release of the FOMC meeting minutes, as they 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 EUR/USD pair’s 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% level 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 since it has already touched the upper boundary of the daily uptrend line, a pullback is possible; therefore, 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 18:30, the Eurozone Consumer Price Index at 19:00, remarks by Bank of England Deputy Governor Kanrif at 19:45, the Turkish Central Bank’s (TCMB) policy rate announcement and statement at 20:00,at 22:30, U.S. initial jobless claims, U.S. fourth-quarter GDP, U.S. core PCE deflator, and U.S. Chicago Fed National Activity Index; at 24:30, U.S. weekly natural gas inventories; at 24:50, remarks by U.S. Federal Reserve Bank of Atlanta President Bostic;Remarks by Atlanta Fed President, 25:00: U.S. weekly crude oil inventories, 27:00: U.S. 7-year Treasury auction, 28:00: U.S. Daily: Remarks by San Francisco Fed President are scheduled.We will be closely monitoring the movement of the U.S. dollar, as the FOMC minutes revealed a number of hawkish officials.

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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