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Will the U.S. dollar strengthen ahead of the FOMC meeting, or will the market wait to see which direction it takes?

Market Report

Will the U.S. dollar strengthen ahead of the FOMC meeting, or will the market wait to see which way it goes?

19.03.2024

Today's Highlights
  1. Switzerland—Trade Balance
  2. Canada: Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar traded sideways against the yen as the U.S. NAHB Housing Market Index for March, released yesterday, rebounded to 51 from 48 the previous month.The USD/JPY pair remained range-bound between 148.905 and 149.330, with the centerline of the Bollinger Bands continuing to show no clear upward or downward trend. Notably, the pair has entered the 150-yen range during today’s Asian trading session, so it will be important to monitor whether the U.S. dollar strengthens ahead of tomorrow’s FOMC meeting.

European currencies saw the euro trade in a narrow range against the yen, as the Eurozone’s February Consumer Price Index, released yesterday, showed the core year-over-year rate remaining unchanged from the previous month at 3.1%. The euro/yen pair traded between 161.952 and 162.674. The hourly RSI remained around 50.During today’s Asian trading session, the euro has strengthened, rising to the 163-yen level, so we will be watching to see if this price level holds during European trading hours.

Today, the RBA policy rate and statement will be announced at 12:30; Japan’s industrial production and remarks by RBA Governor Block will be released at 13:30; a press conference by Bank of Japan Governor Ueda will take place at 15:30; Switzerland’s trade balance will be released at 16:00;at 19:00, Germany’s ZEW Economic Sentiment Survey and the Eurozone’s ZEW Economic Sentiment Survey; at 21:30, Canada’s Consumer Price Index and U.S. housing starts; at 26:00, the U.S. 20-year Treasury auction;at 29:00: U.S. Foreign Investment in U.S. Securities; and at 6:45 the following day: New Zealand’s Q4 Current Account Balance. We will be closely monitoring whether the U.S. dollar strengthens ahead of the FOMC meeting.

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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