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-period moving average continues, while on the daily chart, the RSI has risen from 52 to 62. We will monitor the market to determine whether the U.S. dollar will maintain 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 observed crossing 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 rise 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, 11:00 PM: US Wholesale Inventories and US Weekly Crude Oil Inventories, 2:00 AM: US 10-Year Treasury Auction, and 3:00 AM: Release of the US FOMC Minutes. We will closely monitor whether the release of the US FOMC Minutes affects the upside potential of the US dollar.

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