All eyes are on whether the U.S. dollar will see significant movement following the release of the FOMC minutes

All eyes are on whether the U.S. dollar will see significant movement following the release of the FOMC minutes

24.05.2023

In yesterday’s U.S. currency trading, the dollar fluctuated against the yen after the Richmond Fed Manufacturing Index for May, released yesterday, came in at -15—worse than the market forecast of -9. The USD/JPY pair traded between 138.910 and 138.229, showing a lack of direction as it hovered around the 20-period moving average on the hourly chart.From a technical perspective, the USD/JPY pair is showing RSI divergence on the 4-hour chart, so traders should be wary of a potential pullback during European trading hours.

European currencies saw the euro fall slightly against the U.S. dollar after mixed results were released yesterday for Germany’s May manufacturing and services PMI. The EUR/USD pair fell from 1.0819 to 1.0760, trading just below the 20-day moving average on the weekly chart.From a technical perspective, the EUR/USD pair is showing signs of divergence on the 4-hour chart as the RSI touches 30, so we will be watching for a potential rebound in the euro during U.S. trading hours.

Today’s schedule includes the UK Consumer Price Index, UK Retail Price Index, and UK Producer Price Index at 3:00 PM; Turkey’s Capacity Utilization Rate at 4:00 PM; Germany’s IFO Business Climate Index at 5:00 PM; remarks by Bank of England Governor Bailey at 6:30 PM; the U.S. MBA Mortgage Applications Index at 8:00 PM;a speech by U.S. Treasury Secretary Yellen at 11:05 PM, U.S. weekly crude oil inventories at 11:30 PM, a speech by U.S. Federal Reserve Governor Waller at 1:10 AM, a U.S. 5-year Treasury auction at 2:00 AM, a speech by ECB President Lagarde at 2:45 AM, and the release of the U.S. FOMC minutes at 3:00 AM.We will be closely monitoring whether the release of the FOMC minutes triggers significant movement in the U.S. dollar.

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