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

All Eyes on Whether the Release of the U.S. FOMC Minutes Will Cause Changes in the U.S. Dollar’s Price Movements

21.11.2023

In U.S. currency trading yesterday, the U.S. dollar fell against the yen after the U.S. October Leading Economic Index, released yesterday, worsened to -0.8% from -0.7% the previous month. The USD/JPY pair fell by approximately 1.8 yen, from 149.979 to 148.104.This marked the third consecutive day of declines. The pair has continued to test lower levels during today’s Asian trading session, falling just below the 75-day moving average (MA), so traders should be on guard for further downside during U.S. trading hours.

European currencies rose against the U.S. dollar, even though the Eurozone’s September construction output, released yesterday, worsened year-over-year from the previous month’s -0.1% to -0.3%. The euro rose against the U.S. dollar from 1.0664 to 1.0895.It has continued to climb, hitting new highs during today’s Asian trading session. Since the euro has risen for three consecutive days on the daily chart, it will be interesting to see if the release of the FOMC minutes during today’s U.S. trading session brings about any changes.

Today, at 16:00, the UK’s public sector net debt and Switzerland’s trade balance will be released,at 5:30 p.m., Hong Kong’s Consumer Price Index; at 6:00 p.m., the Philippines’ Industrial Production and Producer Price Index; at 7:00 p.m., South Africa’s Business Confidence Index; at 10:00 p.m., Hungary’s central bank policy rate;at 10:30 PM, Canada’s Consumer Price Index and the U.S. Chicago Fed National Activity Index; at 12:00 AM, U.S. Existing Home Sales; at 1:00 AM, remarks by ECB President Lagarde; and at 4:00 AM, the release of the U.S. FOMC minutes.We will be closely monitoring whether the release of the U.S. FOMC minutes will cause any changes in the U.S. dollar’s price movements.