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Should We Be Wary of Fluctuations in the Swiss Franc, Which Is Currently at Its Weakest Level During Asian Trading Hours?

Market Report

Should We Be Wary of Price Fluctuations in the Swiss Franc, Which Is at Its Weakest During Asian Trading Hours?

07.07.2023

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

In U.S. currency markets yesterday, the U.S. dollar fell against the euro despite the U.S. June ISM Non-Manufacturing Index, released yesterday, coming in higher than expected at 53.9, up from 50.3 the previous month. The euro rose by just over 60 pips against the dollar, 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 U.S. employment report scheduled for release today during U.S. trading hours, traders should be on guard for sharp price fluctuations during that time.

Among European currencies, the Swiss franc—which is set to release its unemployment rate data today—traded in a narrow range 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 trading 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 declining. 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 the Swiss unemployment rate at 14:45, German industrial production and UK Halifax house prices at 15:00, and the Frenchtrade balance and current account balance, at 21:00 remarks by German Bundesbank President Nagel, at 21:30 Canadian employment statistics and U.S. employment statistics, at 23:00 the Canadian Ivey Purchasing Managers’ Index, at 23:30 remarks by UKremarks by MPC member Mann and U.S. weekly natural gas inventories; at 24:30, remarks by U.S. Federal Reserve Bank of Chicago President Goolsbee; and at 25:45, remarks by ECB President Lagarde. Investors should remain vigilant regarding price fluctuations in the Swiss franc, which is currently the weakest currency during Asian trading hours.

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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