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 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 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 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, 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 carefully assess whether the US dollar, which rose on the FOMC minutes, will extend its gains.