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Should we keep an eye on the euro-franc exchange rate as it breaks below parity?

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Should we keep an eye on the euro-franc exchange rate as it breaks below parity?

07.03.2022

Today's Highlights
  1. Remarks by BOE Deputy Governor Canrif
  2. Housing Prices in Halifax, UK

Last weekend, the U.S. dollar fell against the yen amid a risk-off sentiment triggered by reports that the Zaporizhzhia Nuclear Power Plant in southern Ukraine had been placed under Russian military control following Russia’s invasion of Ukraine. However, the dollar remained firm against the euro, with the EUR/USD pair falling by approximately 250 pips from 1.106 to 1.082.

European currencies are seeing volatile movements due to the escalating situation in Ukraine, with the euro falling across the board. The decline has accelerated particularly against the Swiss franc, with the euro-franc exchange rate falling further below the 1.000 parity level to hit a new low for the year of 0.997 during Asian trading hours.

Apart from German manufacturing orders and retail sales, UK Halifax house prices scheduled for 4:00 PM CET, remarks by Bank of England Deputy Governor Canrif at 12:00 AM EST, and U.S. consumer credit data at 5:00 AM EST, no major economic indicators are scheduled for release today.With geopolitical risks persisting, we should expect sudden price movements that could make technical analysis less effective. Therefore, we will monitor price fluctuations while carefully adjusting our positions.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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