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Countercurrency price action and a few positive reports pushed the Greenback higher last week. Which catalysts can move it around this week?

FOMC meeting minutes (May 22, 7:00 pm GMT)

It’s all about the Fed for the dollar’s calendar this week, as a bunch of voting FOMC members are scheduled to give their two cents over the next couple of days.

All their speeches got nothing on the FOMC meeting minutes release, though, which could give us hints on how close Fed members are to considering a rate cut in the next couple of months.

If y’all recall, Fed members unanimously kept their interest rates steady at the 2.25% to 2.5% range, though they also noted that inflation is “running below” their 2.0% target.

The lack of policy changes – when some had priced in a rate cut – was welcomed by bulls who pushed the dollar to new intraweek highs.

This week traders are expecting to know more about the result of the FOMC gang’s data dependence and how far their conclusions have taken them to a rate cut.

Don’t worry, we’ll likely get clues from FOMC members themselves before the minutes release. See, voting members like Clarida, Bullard, Rosengren, Evans, and Chairman Powell himself are scheduled to give speeches ahead of the meeting minutes event.

Trade and geopolitical updates

Who needs the Game of Thrones finale when the news wires has enough drama?

Last week the U.S. stepped up its trade hostilities against China when it included Chinese tech giant Huawei in its “Entity List” that effectively makes it difficult for U.S. businesses to conduct business with the company. Google has reportedly heeded the orders already and suspended some of its business with Huawei.

U.S. and Chinese trade reps have yet to announce scheduled talks. For now, it’s unlikely to see any de-escalation until Trump and Xi Jinping’s talks in the G20 Summit next month.

It’s not all gloom and doom for investors, though. The U.S. also lifted its heavy tariffs on steel and aluminum products from Canada and Mexico. The cooperative move was a relief for investors who are jittery over the U.S. economy’s growth.

Missed last week’s price action? Read USD’s price recap for (May 13 – 17)!