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
In the previous day’s U.S. trading session, the U.S. dollar strengthened against the euro, with the EUR/USD pair falling from 1.004 to 0.995. Although the pair briefly fell below parity, this 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 based on the results of the University of Michigan Consumer Sentiment Index (flash estimate), which is scheduled for release during U.S. trading hours today.
Among European currencies, the Swiss franc is performing well against the yen, with CHF/JPY rising approximately 150 pips from 139.943 to 141.484.Even during today’s Asian trading session, while other yen crosses faced resistance, the CHF/JPY pair continued to rise, reaching 141.648. Since the CHF/JPY is rising along the 20-period moving average (MA) on the hourly chart, I’d like to wait and see if any pullback stops near the 20-MA at 141.211.
Today’s schedule includes the Eurozone trade balance at 18:00 European time; Canadian wholesale sales, U.S. retail sales, and the U.S. New York Fed Manufacturing Index at 21:30 U.S. time; and remarks by U.S. Federal Reserve Bank of Atlanta President Bostic at 21:45:remarks by Bostic, President of the Atlanta Fed; at 10:00 p.m., remarks by Bullard, President of the St. Louis Fed; at 10:15 p.m., U.S. industrial production; and at 11:00 p.m., the U.S. University of Michigan Consumer Sentiment Index (preliminary reading) and U.S. business inventories are scheduled.We will be watching the Swiss franc, which is gaining upward momentum.
Author: Keisuke Sakurai
