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All eyes are on whether the franc, now the world’s strongest currency, will maintain its momentum

Market Report

All eyes are on whether the franc, now the world’s strongest currency, will maintain its momentum

19.01.2023

Today's Highlights
  1. U.S. Initial Unemployment Insurance Claims
  2. Remarks by ECB President Lagarde

In the U.S. currency market the previous day, the U.S. dollar traded in a back-and-forth pattern against the euro, with the EUR/USD pair ranging between 1.0766 and 1.0887.The EUR/USD pair is currently in a consolidation phase straddling the 20-period moving average (MA) on the 4-hour chart, with price action seeking a clear direction. On the other hand, on the higher-time-frame daily chart, the 10-period MA is acting as support, and the uptrend remains intact; therefore, we will be closely monitoring whether today’s release of the ECB Governing Council minutes sparks any significant movement.

While European currencies saw cross-yen pairs generally trading in a range-bound pattern, the Swiss franc found support at lower levels and halted its decline. The CHF/JPY pair rose by about 3.8 yen from 138.615 to 142.437, but then retreated only as far as 140.397.As the Swiss franc also strengthened against the U.S. dollar, we will be watching its price movements closely during U.S. trading hours today.

Today’s schedule includes Swiss producer and import prices at 4:30 p.m., remarks by ECB President Lagarde at 7:30 p.m., the TCMB policy rate and statement in Turkey at 8:00 p.m., and at 9:30 p.m., theECB Governing Council Meeting Minutes, at 10:30 PM: Canada—Wholesale Sales and Canada—House Price Index; U.S.—Initial Jobless Claims, U.S.—Housing Starts, and U.S.—Philadelphia Fed Business Outlook Index; at 11:00 PM: U.S.—Collins:Boston Fed President’s remarks; at 00:30, U.S. weekly natural gas inventories; at 01:00, U.S. weekly crude oil inventories; and at 03:15, U.S. Brainard: Fed Vice Chair’s remarks are scheduled.We will carefully monitor the direction of the Swiss franc to see if it maintains its momentum as the world’s strongest currency.

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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