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

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

23.03.2023

Today's Highlights
  1. Chicago Fed National Activity Index
  2. UK: BOE Policy Rate and Statement Announcement

In the previous day’s U.S. currency trading, the U.S. dollar—which had seen its policy rate raised by 0.25% at the FOMC meeting, in line with market consensus—plummeted immediately after the FOMC announcement. The USD/JPY pair fell from 132.978 to 130.998.It has continued to decline during today’s Asian trading 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 USD’s upside remains capped heading into the weekend.

Among European currencies, the pound rose against the U.S. dollar after the UK’s February Consumer Price Index (CPI), released yesterday, came in at 10.4% year-over-year—exceeding both the previous reading and market expectations.The GBP/USD pair rose from 1.2208 to 1.2333, setting a new high for the month. It has continued to climb during today’s Asian trading session as well. Given that the gains from yesterday and today are driving the pair toward the upper boundary of its daily trading range at 1.2410, traders should remain vigilant regarding further gains against the U.S. dollar.

Today, the Turkish Consumer Confidence Index will be released at 16:00, the Swiss National Bank (SNB) will announce its policy rate and statement at 17:30, the Central Bank of the Republic of Turkey (TCMB) will announce its policy rate and statement at 20:00, and at 21:00, the UK will releaseBOE policy rate and statement, and the release of the UK BOE minutes; at 21:30, U.S. initial jobless claims and the U.S. fourth-quarter current account balance;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; at 12:00 AM, remarks by a member of the Bank of England’s 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.

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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