Concerns Over a Decline in the Swiss Franc?
14.09.2021
- Remarks by Bundesbank President Bahtman
- Switzerland – Producer Import Prices
Yesterday, the Dow Jones Industrial Average and the S&P 500 rebounded in U.S. markets, leading to a risk-on environment characterized by rising stock prices, falling interest rates, and higher oil prices. Today, the Nikkei 225 has also recovered to the 30,600-yen level, while BTC/USD has held its ground following last week’s decline and is currently trading in the $45,100 range.
In the foreign exchange market, the Swiss franc became the weakest currency starting during yesterday’s European session, with the CHF/JPY pair falling from 120.03 to as low as 119.09. From a technical perspective, the Swiss franc is already trading below its 20-day moving average on the daily chart, and with no significant support in sight until around 118.8, traders should be wary of further downside if the pair fails to rebound.
Today’s schedule includes the UK unemployment rate and new jobless claims at 3:00 PM, Swiss producer import prices at 3:30 PM, Turkish housing prices at 4:00 PM, and at 4:35 PM, remarks by Bundesbank President Bahtmann, followed by the U.S. NFIB Small Business Optimism Index at 7:00 PM, the U.S. Consumer Price Index at 9:30 PM, and Canadian manufacturing sales.remarks by Bundesbank President Weidmann, the US NFIB Small Business Optimism Index at 7:00 PM, the US Consumer Price Index and Canadian Manufacturing Sales at 9:30 PM, and New Zealand’s Q2 Current Account Balance at 7:45 AM the following day. We want to closely monitor how European currencies, which have been showing notable weakness, will perform in the first half of the week.
Author: Keisuke Sakurai
