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All Eyes on Whether the Swiss Franc Will Move Following the SNB’s Policy Rate Announcement

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All Eyes on Whether the Swiss Franc Will Move Following the SNB’s Policy Rate Announcement

15.12.2022

Today's Highlights
  1. Swiss National Bank (SNB) Policy Rate and Statement Announcement
  2. UK: BOE Policy Rate and Statement Announcement

In U.S. currency trading the previous day, the U.S. dollar rose against the yen even though the FOMC raised interest rates by 0.5 points as expected by the market and Fed Chair Powell did not make any overly hawkish remarks during his press conference.The USD/JPY pair rose to 135.972. Although it surged sharply to the 75-period moving average (MA) on the hourly chart, the rally did not extend further, and the pair has been consolidating in that price range during today’s Asian trading session. We will be closely monitoring whether the U.S. dollar will gain momentum following the release of economic indicators during U.S. trading hours.

Ahead of today’s SNB policy rate announcement, the Swiss franc is rising against the yen. The CHF/JPY pair rose from 145.219 to 146.727.The pair rebounded off the 200-period SMA on the hourly chart as a support line. However, on the daily chart, it is positioned just below the 20-period MA, and with the direction of the trend still unclear, it will be worth watching to see if today’s SNB policy rate announcement triggers any significant movement.

Today’s schedule includes Turkish home sales at 16:00, the Swiss National Bank’s (SNB) policy rate and statement at 17:30, a press conference by SNB Governor Jordan at 18:00, and at 21:00, the UK’sthe Bank of England’s policy rate and statement at 9:00 PM, the European Central Bank’s policy rate and statement at 10:15 PM, along with Canadian housing starts, U.S. initial jobless claims and retail sales at 10:30 PM,U.S. NY Fed Manufacturing Index; at 10:45 p.m., the ECB’s President Lagarde will hold a press conference; at 11:15 p.m., U.S. industrial production and capacity utilization; and at 12:30 a.m., U.S. weekly natural gas inventories are scheduled.We will be watching to see if the Swiss franc reacts to the SNB’s policy rate announcement.

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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