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Should We Wait and See How the Franc-Yen Pair Performs as It Continues to Hit New Highs?

Market Report

Should We Wait and See How the Franc-Yen Pair Performs as It Continues to Hit New Highs?

03.08.2023

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

In the previous day’s U.S. currency trading, the U.S. dollar emerged as the strongest currency after the July ADP employment report—released during U.S. trading hours—showed a figure of 324,000, significantly exceeding the market forecast of 189,000.The USD/JPY pair fell from 143.332 to 142.227 before rebounding to 143.489.During today’s Asian trading session, the pair broke through yesterday’s high, touching 143.891. With key economic indicators—such as initial jobless claims—scheduled for release later today, traders should keep a close eye on the U.S. dollar’s price movements during U.S. trading hours.

European currencies saw the Swiss franc weaken against the yen after yesterday’s Swiss Purchasing Managers’ Index (PMI) results showed a decline to 38.5 from 44.9 the previous month. The CHF/JPY pair fell from 164.034 to 162.101.It broke significantly below the 20-period moving average (MA) on the 4-hour chart. However, the yen has been weakening again during today’s Asian trading session and has already broken through the key 163-yen level, so we will need to carefully assess the currency’s strength and weakness during European trading hours.

Today, Germany’s trade balance will be released at 3:00 p.m., Switzerland’s Consumer Price Index at 3:30 p.m., Turkey’s Consumer Price Index and Producer Price Index at 4:00 p.m., the UK’s Services PMI at 5:30 p.m., and at 8:00 p.m., the UK’sBOE policy rate and statement, at 8:30 p.m. UK BOE Governor Bailey’s press conference and U.S. Challenger job cuts forecast, at 9:30 p.m. U.S. initial jobless claims, U.S. second-quarter nonfarm labor productivity, U.S. Birkin:Remarks by Richmond Fed President Birkin; U.S. Services PMI at 10:45 p.m.; U.S. ISM Non-Manufacturing PMI at 11:00 p.m.; and U.S. weekly natural gas inventories at 11:30 p.m. are scheduled. We will be closely monitoring the movement of the yen against the dollar, which continues to hit new highs.

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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Will the Swiss franc reach a new high against the yen?

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Market Participants May Be Wary of Further Downside in the Euro/Yen Pair Amid a Strong Yen Trend
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