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With European currencies holding firm against the yen—in contrast to U.S. currencies—should we keep an eye on them?

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With European currencies holding firm against the yen—in contrast to U.S. currencies—should we keep an eye on them?

22.05.2023

Today's Highlights
  1. Switzerland: Industrial Production
  2. U.S. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank

Last weekend, U.S. currency markets were influenced by remarks from Federal Reserve Chair Powell, who stated, “We have been tightening policy for a long time, but we are facing uncertainty regarding the extent of credit tightening caused by stress in the banking sector.” Expectations for an interest rate hike at the FOMC meeting next month in June receded, causing the U.S. dollar to fall against the euro.The EUR/USD pair rose from 1.0760 to 1.0828, returning just below the 20-period moving average on the 4-hour chart. However, on the daily chart, the RSI has yet to reach 30 and still has some room to fall, so it will be worth watching to see if the U.S. dollar recovers during U.S. trading hours.

Among European currencies, the Swiss franc rose slightly against the yen ahead of today’s industrial production report. The CHF/JPY pair rose from 152.851 to 153.765. The price has since stabilized and is currently trading around 153.300.As the CHF/JPY pair has been rising to approach this year’s high of 153.961, set earlier this month, attention is focused on whether the Swiss franc will continue to strengthen against the yen.

Today, at 15:30, Swiss industrial production; at 16:00, the Turkish consumer confidence index; at 17:00, Taiwan’s unemployment rate; at 17:30, Hong Kong’s consumer price index; at 18:00, Eurozone construction output;at 9:30 PM, remarks by U.S. Federal Reserve Bank of St. Louis President Bullard; at 11:00 PM, the Eurozone Consumer Confidence Index; at 12:05 AM, remarks by U.S. Federal Reserve Bank of Atlanta President Bostic, U.S. Federal Reserve Bank of Richmond President Barkin, and U.S. Federal Reserve Bank of San Francisco President Daly;remarks by San Francisco Fed President Daly. We will carefully monitor the upside potential for European currencies, which are holding firm against the yen in contrast to the U.S. dollar.

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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