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Should investors be wary of price fluctuations in the Swiss franc, which is currently at its weakest in Asian trading hours?

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Should investors be wary of price fluctuations in the Swiss franc, which is currently at its weakest in Asian trading hours?

07.07.2023

Today's Highlights
  1. U.S. Employment Report
  2. Canada: Employment Statistics

In the U.S. currency market yesterday, the U.S. dollar fell against the euro despite the June ISM Non-Manufacturing Index, released yesterday, coming in higher than expected at 53.9, up from 50.3 the previous month.The EUR/USD pair rose by just over 60 pips, from 1.0833 to 1.0900. While the pair had been locked in a battle around the daily 20-day moving average (MA), yesterday’s rally pushed it above that level. With the release of U.S. employment data scheduled for today during U.S. trading hours, traders should be on alert for sharp price fluctuations during that time.

Among European currencies, the Swiss franc, which is set to release its unemployment rate today, saw a seesawing trend against the yen. The CHF/JPY pair rose from 159.968 to 160.957.It rebounded by just under 100 pips. However, a general trend of yen buying has been observed during today’s Asian session, and combined with the fact that the Japanese yen is the strongest and the Swiss franc is the weakest, the CHF/JPY pair is currently falling. It is currently trading around 160.463, and we will be watching closely to see if the franc’s downward trend continues during European trading hours.

Today’s schedule includes: Switzerland’s unemployment rate at 14:45, Germany’s industrial production and the UK’s Halifax house price index at 15:00, France’s trade balance and current account balance at 15:45, remarks by German Bundesbank President Nagel at 21:00, Canada’s employment report and the U.S. employment report at 21:30,at 11:00 PM, the Canadian Ivey PMI; at 11:30 PM, remarks by a member of the UK MPC and U.S. weekly natural gas inventories; at 12:30 AM, remarks by U.S. Federal Reserve Bank of Chicago President Goolsbee; and at 1:45 AM, remarks by ECB President Lagarde. We should remain vigilant regarding price fluctuations in the Swiss franc, which is currently the weakest currency in Asian trading hours.

桜井 慶介

Author: Keisuke Sakurai

I have over 10 years of experience in FX trading. In the financial sector, I have focused primarily on foreign exchange trading and have also worked as an investment advisor. Drawing on my extensive experience, I specialize in technical and fundamental analysis.

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