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 trading, 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 in response to 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 by about 150 pips from 139.943 to 141.484.Even during today’s Asian trading session, it has continued to rise despite resistance in other yen crosses, reaching as high as 141.648. Since 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 around the 20-MA level of 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 22:00, remarks by Braad, President of the St. Louis Fed; at 22:15, U.S. industrial production; at 23:00, the University of Michigan Consumer Sentiment Index (preliminary reading); and U.S. business inventories.We will be watching the Swiss franc, which is gaining upward momentum.
Author: Keisuke Sakurai
