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

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

05.07.2023

In the U.S. currency market yesterday, liquidity was low due to the U.S. stock market being 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 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 alert 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 from €18.4 billion the previous month. The euro/yen pair fell by approximately 70 pips from 157.903 to 157.147.During today’s Asian 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 the U.S. session.

Today’s schedule includes French industrial production and the manufacturing production index at 3:45 PM, Turkey’s consumer price index and producer price index at 4:00 PM, remarks by Nagel, President of the German Federal Bank, at 4:00 PM, the French services PMI at 4:50 PM, the German services PMI at 4:55 PM, the Eurozone services PMI at 5:00 PM,at 5:30 PM, the UK Services PMI; at 6:00 PM, the Eurozone Producer Price Index; at 11:00 PM, the US Manufacturing Orders Index; at 3:00 AM, the release of the FOMC minutes; and at 5:00 AM, remarks by Williams, President of the New York Fed. We will be closely monitoring whether the release of the FOMC minutes causes any changes in the movement of the US 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