All eyes are on whether the US dollar, which rose following the release of the FOMC minutes, will continue its upward momentum

All eyes are on whether the US dollar, which rose following the release of the FOMC minutes, will continue its upward momentum

23.05.2024

In the previous session, the U.S. dollar rose after the release of the FOMC minutes revealed a stance that it would be desirable to maintain policy rates at higher levels 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 on the hourly chart.On the 4-hour chart, prices are rising along the 10-MA, and on the daily chart, the pair has hit a new high for the month, so we should watch for further upside potential in the USD 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% in the previous month to 2.3%, the pound rose against the yen. GBP/JPY climbed from 198.315 to 199.537, with prices moving along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, a trend is developing along the 10-period moving average, while on the daily chart, the RSI is just below 70.

15:00: Japan – Machine Tool Orders; 16:00: Turkey – Consumer Confidence Index; 16:15: France – Manufacturing/Services PMI; 16:30: Germany – Manufacturing/Services PMI; 17:00: Eurozone – Manufacturing/Services PMI; 17:30: UK –Manufacturing/Services PMI, 8:00 PM: Turkey TCMB Policy Rate and Statement, 8:30 PM: UK MPC Member Pill’s Remarks, 9:30 PM: US Initial Jobless Claims, US Chicago Fed National Activity Index, 10:45 PM: US Manufacturing/Services PMI,11:00 PM: US New Home Sales, 4:00 AM: US remarks by Bostic, President of the Atlanta Fed. We will closely monitor whether the US dollar, which rose on the FOMC minutes, can extend its gains.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed