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All eyes are on whether the release of the FOMC minutes will cause any changes in the U.S. dollar’s price movements

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All eyes are on whether the release of the FOMC minutes will cause any changes in the U.S. dollar’s price movements

05.07.2023

Today's Highlights
  1. Release of the U.S. FOMC Minutes
  2. Remarks by Nagel, President of the German Central Bank

In the U.S. currency market the previous day, liquidity declined because U.S. stock markets were closed for Independence Day, and the daily trading range for USD/JPY remained just under 50 pips.USD/JPY has been fluctuating around the 20-period moving average (MA) on the 4-hour chart, with a battle unfolding between the support level of 144 yen and the resistance level of 145 yen. Note that the FOMC minutes will be released today, so traders should be on the lookout for significant price movements following the release of the summary.

European currencies saw the euro fall against the yen after Germany’s May trade balance, released yesterday, declined to 14.4 billion euros from 18.4 billion euros the previous month. The euro/yen pair fell by about 70 pips from 157.903 to 157.147.During today’s Asian trading session, downward and upward momentum are currently in a stalemate around the 157.242 level. We will be watching to see if price action picks up during U.S. trading hours.

Today, at 15:45, France’s industrial production and manufacturing production index will be released; at 16:00, Turkey’s consumer price index and producer price index, along with remarks by Nagel, President of the German Federal Bank; at 16:50, France’s services PMI;at 4:55 PM, Germany’s Services PMI; at 5:00 PM, the Eurozone’s Services PMI; at 5:30 PM, the UK’s Services PMI; at 6:00 PM, the Eurozone’sProducer Price Index at 18:00, U.S. Manufacturing Orders Index at 23:00, release of the U.S. FOMC Minutes at 27:00, and remarks by U.S. New York Fed President Williams at 29:00.We will be closely monitoring whether the release of the FOMC minutes causes any changes in the U.S. dollar’s price movements.

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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