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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 Kanrif of the UK
  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 held steady 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 and hitting a new low for the year of 0.997 during Asian trading hours.

Apart from German manufacturing orders and retail sales, the UK’s Halifax house prices at 16:00 European time, remarks by Bank of England Deputy Governor Kanrif at 24:00 U.S. time, and U.S. consumer credit balances at 29:00, 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 reliable; therefore, we will monitor price fluctuations while carefully adjusting our positions.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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