Daily Market Update

Tight FX ahead of FOMC Minutes at 2PM

February 21, 2024

The U.S. Dollar is moving in tight ranges all across the board with few items to assess in terms of data and most focus on equity-related headlines.


With the tech sector supporting most of the risk-taking lately, investors are eagerly waiting for Nvidia’s earnings reports. Meanwhile, Amazon stock rose after it joined the Dow Jones Industrial Average. Although some mining and commodity companies are reporting weakness, China’s exchanges rose with companies rejoicing over government aid to the Housing woes as well as cracking down on short-sellers that have contributed to market deterioration.

Metals and commodities are being disrupted by new U.S. sanctions on Russian aluminum exports. Thus far, it has not significantly moved the needle for commodity-based currencies. Iron ore as well as oil are trading lower with some traders wondering if it is a sign of concern. All eyes this afternoon will be on the release of Fed Minutes at 2 PM while some members such as Atlanta’s Fed President Raphael Bostic will speak and likely contribute to breaking down any special notes from the last meeting.

What to Watch Today…

  • Federal Reserve Minutes, Wednesday 2 PM
  • Euro-zone CPI, Thursday
  • Monex USA Online is always open.

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The Euro is trading in familiar ranges without any major cause for movement yet. Today, we get a reading of February’s Consumer Confidence, which is supposed to show an improving trend while Thursday comes with a lot more packing. January Consumer Price Index and February Purchasing Managers Index are out tomorrow. For now, surprises in earnings across French companies as well as others have kept a good mood for those seeking prosperity from European stocks. Although recession-filled, the Ancient continent seems to be doing what it can to mount a comeback even as doubts creep into long-term outlooks.


The New Zealand Dollar is the only big mover out there today, rising to its best levels in five weeks following a reaction to China’s stimulus reports. As China addresses and tackles all that ails it, the “Kiwi” economy is set to enjoy benefits from a healthy injection of stimulus in its largest trading partner aside from Australia. In terms of data, Retail Sales for the fourth quarter are out tomorrow and could lead to further NZD gains if it beats pessimistic estimates in the negative as a (-0.2%) contraction.


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