Will the release of the FOMC minutes shift the balance of power in the currency markets?

Will the release of the FOMC minutes shift the balance of power in the currency markets?

12.04.2023

In the previous day’s U.S. currency trading, the dollar fell against the euro as expectations of a pause in rate hikes grew following remarks by Philadelphia Fed President Harker, who stated, “I support raising the federal funds rate above 5% and keeping it there for a while.”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 SMA 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. Technically, the GBP/JPY pair is currently at the upper boundary of its daily uptrend line and is attempting to break above it; therefore, we will be watching to see if further gains are expected following the release of U.S. 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 PM, the U.S. Consumer Price Index at 9:30 PM, remarks by Bank of England Governor Bailey and U.S. Richmond Fed President Barkin at 10:00 PM, the Bank of Canada’s policy rate decision and statement at 11:00 PM, U.S. weekly crude oil inventories at 11:30 PM,at 00:00, a press conference by Bank of Canada Governor Macklem; at 01:00, remarks by U.S. Federal Reserve Bank of San Francisco President Daly; at 02:00, a U.S. 10-year Treasury auction; and at 03:00, the release of the FOMC minutes. We will be closely monitoring whether the release of the FOMC minutes brings about any changes in the currency landscape.

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