Be on the lookout for sudden price movements caused by remarks from key figures and the release of the FOMC minutes (U.S. time)
11.10.2023
- Release of the U.S. FOMC Minutes
- Remarks by Federal Reserve Board Member Waller
In the U.S. currency market the previous day, a trend of yen selling and U.S. dollar selling emerged as geopolitical risks subsided, causing the euro/dollar pair to rise.Yesterday, the EUR/USD pair rose from 1.0554 to 1.0619, returning to the 20-day moving average (MA), which serves as the baseline. On the higher-timeframe weekly chart, the pair appears to be entering a rebound phase following a bullish candle with a lower wick, so we will closely monitor currency strength and weakness during U.S. trading hours.
Among European currencies, the pound emerged as the strongest toward the close, with the GBP/JPY pair rising from 181.526 to 182.771. The pair has continued to climb during today’s Asian trading session, reaching 182.871.With the UK Consumer Price Index set to be released again next week, we will need to carefully assess whether the pound will continue to strengthen against other currencies heading into the middle of next week.
Today, the German Consumer Price Index will be released at 15:00, Turkey’s current account balance at 16:00, Taiwan’s trade balance at 17:00,17:15: Remarks by Fed Governor Bowman (U.S.), 20:00: MBA Mortgage Applications Index (U.S.), 21:30: Housing Starts (Canada) and Producer Price Index (U.S.), 23:15: Remarks by Fed Governor Waller (U.S.), 25:00:Consumer Price Index; at 25:15, remarks by U.S. Federal Reserve Governor Bostic, President of the Atlanta Fed; at 26:00, U.S. 10-year Treasury auction; at 27:00, release of the U.S. FOMC minutes; and at 29:30, remarks by U.S. Federal Reserve Governor Collins,Boston Fed President, are scheduled. Be on high alert for sudden price movements caused by the overlapping remarks from key officials during U.S. trading hours and the release of the FOMC minutes.
