Should we keep an eye on the franc-yen pair, which has hit a new high and broken into the 150-yen range?
15.09.2022
- France: Consumer Price Index
- Philadelphia Fed Business Outlook Index
The previous day, the U.S. dollar weakened against both the yen and the euro, with both currencies falling.The EUR/USD pair rebounded by just under 70 pips, rising from 0.9956 to 1.0023. However, during today’s Asian session, the U.S. dollar has regained strength, and the pair has now fallen below parity, trading around 0.9959. Since it is currently trading below the 20-day moving average on the daily chart, we should watch to see if the downward trend continues.
Among European currencies, the Swiss franc hit a new high against the yen this year, with the CHF/JPY pair breaking through the key 150-yen level and briefly touching 150.712. However, the rally did not hold, and the pair has since pulled back; it is currently trading at 149.037. Since the daily RSI has exceeded 70, we should remain cautious about a continued decline.
Today’s schedule includes the French Consumer Price Index at 3:45 PM, Turkish home sales at 4:00 PM, the Eurozone trade balance at 6:00 PM, U.S. initial jobless claims and U.S. retail sales at 9:30 PM,the U.S. New York Fed Manufacturing Index, the U.S. Philadelphia Fed Business Outlook Index, and the U.S. Import Price Index at 9:00 PM; Canadian Existing Home Sales at 10:00 PM; U.S. Industrial Production and U.S. Capacity Utilization at 10:15 PM; U.S. Business Inventories at 11:00 PM; and U.S. Weekly Natural Gas Inventories at 11:30 PM. We will be watching the movement of the CHF/JPY pair, which has hit a new high.
Author: Keisuke Sakurai
