All eyes are on whether the U.S. dollar, which fell following the FOMC meeting, will recover

All eyes are on whether the U.S. dollar, which fell following the FOMC meeting, will recover

23.03.2023

In yesterday’s U.S. currency trading, the U.S. dollar—which had been expected to see a 0.25% policy rate hike at the FOMC meeting—plummeted immediately after the announcement. The USD/JPY pair fell from 132.978 to 130.998.It has continued to decline during today’s Asian session, already touching 130.417. USD/JPY continues to fall, capped by the daily 200-day SMA, and the daily RSI has reversed near the 38 level. We will monitor the situation cautiously to see if the US dollar’s upside remains limited heading into the weekend.

European currencies rose as the British pound strengthened against the U.S. dollar following the release of the UK’s February Consumer Price Index (CPI) yesterday, which came in at 10.4% year-on-year—exceeding both the previous reading and market expectations.GBP/USD rose from 1.2208 to 1.2333, hitting a new high for the month. It has continued to climb during today’s Asian trading session as well. Given the gains from yesterday and today, which are driving the pair toward the upper limit of its daily range at 1.2410, investors should remain cautious regarding further gains against the US dollar.

Today, at 4:00 PM, the Turkish Consumer Confidence Index will be released; at 5:30 PM, the Swiss National Bank (SNB) will announce its policy rate and statement; at 8:00 PM, the Central Bank of the Republic of Turkey (TCMB) will announce its policy rate and statement; at 9:00 PM, the Bank of England (BOE) will announce its policy rate and statement, and the BOE minutes will be released;at 9:30 PM, U.S. Initial Jobless Claims, U.S. Q4 Current Account Balance, and the U.S. Chicago Fed National Activity Index; at 11:00 PM, U.S. New Home Sales; at 11:30 PM, U.S. Weekly Natural Gas Inventories; and at midnight, remarks by a member of the Bank of England’s Monetary Policy Committee (MPC) and the U.S. Kansas City Fed Manufacturing Activity Index.We will be watching closely to see if the U.S. dollar, which fell following the FOMC meeting, will regain its footing.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 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

5. 15.04.2026New

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

6. 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

7. 13.04.2026

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

8. 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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran