Will the release of the FOMC minutes cause the US dollar to rise, or will the market remain on the sidelines?

Will the release of the FOMC minutes cause the US dollar to rise, or will the market remain on the sidelines?

09.10.2024

In yesterday’s U.S. currency trading, the U.S. dollar rose against the yen ahead of today’s release of the FOMC minutes. The USD/JPY pair rose from 147.334 to 148.371, climbing gradually. On the 4-hour chart, the upward trend along the 10-day moving average continues, while on the daily chart, the RSI has risen from 52 to 62. We will monitor the market to see if the U.S. dollar maintains its strength during U.S. trading hours.

Among European currencies, the euro rose slightly against the yen. The EUR/JPY pair climbed from 161.895 to 162.825. Price action was seen moving across the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 20-period MA is providing support on the downside, while on the daily chart, the pair is currently attempting to break above the resistance line formed by the 200-period exponential moving average (EMA). We will be watching to see if the euro continues to trend higher during European trading hours.

Today’s schedule includes the RBNZ policy rate and statement at 10:00, the RBI policy rate and statement at 13:30, Germany’s trade balance at 15:00, the U.S. MBA Mortgage Applications Index at 20:00, Mexico’s Consumer Price Index and remarks by Bostic, President of the Atlanta Fed, at 21:00, and Logan, President of the Dallas Fed, at 22:15.Dallas Fed President Logan’s remarks, at 23:00 US Wholesale Inventories and US Weekly Crude Oil Inventories, at 26:00 US 10-Year Treasury Auction, and at 27:00 the release of the US FOMC Minutes. We will watch carefully to see if the release of the US FOMC Minutes will affect the upside potential of the US dollar.