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

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

21.11.2023

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the U.S. October Leading Economic Index, released yesterday, deteriorated 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 decline. Furthermore, the pair has continued to test lower levels during today’s Asian session, falling just below the daily 75-day moving average, so caution is warranted regarding further downside during U.S. trading hours.

Despite the fact that the EU’s September construction output, released yesterday, worsened year-on-year from a 0.1% decline in the previous month to a 0.3% decline, the euro rose against the U.S. dollar. The euro/dollar exchange rate rose from 1.0664 to 1.0895.It has continued to climb, hitting new highs during today’s Asian trading session. Since the daily chart shows three consecutive days of gains, we will be watching closely to see if the release of the FOMC minutes during today’s U.S. trading session brings about any changes.

Today, at 4:00 PM: UK public sector net debt and Swiss trade balance; at 5:30 PM: Hong Kong consumer price index; at 6:00 PM: Philippine industrial production and producer price index; at 7:00 PM: South African business confidence index; at 10:00 PM: Hungarian 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 causes any changes in the movement of the U.S. dollar.