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Will the Release of the FOMC Minutes Bring About Changes in the Currency Landscape?

Market Report

Will the Release of the FOMC Minutes Bring About Changes in the Currency Landscape?

12.04.2023

Today's Highlights
  1. U.S. Daily: Remarks by the President of the San Francisco Federal Reserve Bank
  2. Release of the U.S. FOMC Minutes

In the U.S. currency market the previous day, the U.S. dollar fell against the euro as speculation about a pause in rate hikes intensified following remarks by Philadelphia Fed President Harker, who stated, “I support raising the federal funds rate above 5% and maintaining it at that level for some time.”The EUR/USD pair rose from 1.0856 to 1.0926. Although it had been trading below the 200-period simple moving average (SMA) on the hourly chart, it has now moved back above it. On the 4-hour chart, the 75-period MA is acting as support, so we will be watching closely to see if the pair extends its gains during U.S. trading hours.

Ahead of today’s remarks by BOE Governor Bailey, the pound rose against the yen. The GBP/JPY pair climbed from 165.180 to 166.575, hitting a new high for the year.From a technical perspective, GBP/JPY is currently at the upper boundary of its daily uptrend line and is attempting to break above it. Therefore, it will be worth watching whether further gains are expected following the release of economic indicators and remarks by key officials during U.S. trading hours.

Today’s economic indicators include the U.S. MBA Mortgage Applications Index at 8:00 p.m., the U.S. Consumer Price Index at 9:30 p.m., remarks by Bank of England Governor Bailey at 10:00 p.m., and remarks by U.S. Federal Reserve Governor Birkin:Richmond Fed President’s remarks; at 23:00, the Bank of Canada’s policy rate decision and statement; at 23:30, U.S. weekly crude oil inventories; at 24:00, Bank of Canada Governor Macklem’s press conference; and at 25:00, U.S. Federal Reserve Governor Dayley’sRemarks by the President of the Federal Reserve Bank of San Francisco, 26:00 U.S. 10-year Treasury auction, and 27:00 release of the U.S. FOMC minutes are scheduled. We will be closely monitoring whether the release of the FOMC minutes brings about any changes in the currency landscape.

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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