Should we keep an eye on the Swiss franc, which is gaining momentum?
15.07.2022
- Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
- Retail and Wholesale Sales
Yesterday, the U.S. dollar strengthened against the euro, with the EUR/USD exchange rate falling from 1.004 to 0.995. Although the pair briefly fell below parity, the move was temporary, and it is currently trading around 1.002 during today’s Asian session. We will be watching to see if the pair rebounds following the release of the University of Michigan Consumer Sentiment Index (flash estimate) during today’s U.S. trading hours.
Among European currencies, the Swiss franc has been performing well against the yen, with CHF/JPY rising by approximately 150 pips from 139.943 to 141.484.Even during today’s Asian session, it has continued to rise despite resistance in other yen crosses, reaching 141.648. Since CHF/JPY is rising along the 20-period moving average (MA), I’d like to wait and see if a pullback stops around the 20-MA level of 141.211.
Today’s schedule includes the Eurozone trade balance at 6:00 p.m. CET, followed by Canadian wholesale sales, U.S. retail sales, and the U.S. New York Fed Manufacturing Index at 9:30 p.m. EST. At 9:45 p.m. EST, Atlanta Fed President Bostic will deliver remarks, and at 10:00 p.m. EST, St. Louis Fed PresidentSt. Louis Fed President Braid’s remarks, at 22:15 US Industrial Production, at 23:00 US University of Michigan Consumer Sentiment Index (Preliminary), and US Business Inventories. We will be watching the Swiss franc, which is gaining upward momentum.
Author: Keisuke Sakurai
