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All eyes are on whether the U.S. dollar, which rose following the release of the FOMC minutes, will continue to climb

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All eyes are on whether the U.S. dollar, which rose following the release of the FOMC minutes, will continue its upward trend

23.05.2024

Today's Highlights
  1. U.S. Initial Unemployment Insurance Claims
  2. Germany: Manufacturing/Services PMI

In the U.S. currency market yesterday, the U.S. dollar rose after the release of the FOMC minutes revealed a stance that “it is desirable to maintain the policy interest rate at a higher level for an extended period.” The USD/JPY pair rose from 156.093 to 156.845, continuing its upward trend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, prices are rising along the 10-period moving average, and on the daily chart, the pair has hit a new high for the month; therefore, traders should watch for further upside potential in the U.S. dollar during U.S. trading hours.

Despite the release of the UK’s April Consumer Price Index (CPI), which showed a significant year-over-year decline from 3.2% the previous month to 2.3%, the pound rose against the yen.GBP/JPY rose from 198.315 to 199.537. The price moved in line with the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, a trend is developing along the 10-period MA, and on the daily chart, the RSI is just below 70.

Japan's Machine Tool Orders at 15:00, Turkey's Consumer Confidence Index at 16:00, France's Manufacturing/Services PMI at 16:15, Germany's Manufacturing/Services PMI at 16:30, and the Eurozone'sManufacturing/Services PMI, 17:30 UK Manufacturing/Services PMI, 20:00 Turkey TCMB Policy Rate and Statement, 20:30 UK MPC Member Pill’s Remarks, 21:30 US Initial Jobless Claims,U.S. Chicago Fed National Activity Index, U.S. Manufacturing/Services PMI at 22:45, U.S. New Home Sales at 23:00, and remarks by U.S. Atlanta Fed President Bostic at 28:00.We will carefully assess whether the US dollar, which rose on the back of the FOMC minutes, will continue to gain ground.

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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