All eyes are on whether the Swiss franc, which has fallen against the U.S. dollar, will rebound or continue to rise
08.09.2023
- Germany's Consumer Price Index
- Canada: Employment Statistics
In the U.S. currency market yesterday, the dollar weakened despite the fact that initial jobless claims, released yesterday, fell to 216,000 from 228,000 the previous week. The dollar fell from 147.866 to 147.040. Furthermore, during today’s Asian trading session, it has dropped to 146.584.From a technical perspective, since USD/JPY has broken below the 20-period moving average (MA) on the 4-hour chart with a real body, we should remain cautious as to whether the dollar’s decline will continue today, the last trading day of the week.
European currencies saw the Swiss franc weaken against the U.S. dollar after yesterday’s release of Switzerland’s August employment data showed the unemployment rate remained unchanged from the previous month at 2.1%.The USD/CHF pair rose from 0.8908 to 0.8940, continuing the uptrend along the 10-period moving average (MA) on the 4-hour chart that began earlier this week. However, during today’s Asian session, the pair broke below the 10-period MA on the 4-hour chart and retreated, so we will be watching for the Swiss franc’s resilience during the European session.
Today, during Asian trading hours, Germany’s Consumer Price Index will be released at 15:00, followed by France’sIndustrial Production, and the French Manufacturing Production Index; at 17:00 during European trading hours, Taiwan’s Trade Balance; at 21:30 during U.S. trading hours, Canadian Employment Statistics and the Canadian Q2 Capacity Utilization Rate; at 22:00, remarks by U.S. Federal Reserve Vice Chair Bar; at 23:00, U.S. Wholesale Inventories; and at 25:00, the Russian Consumer Price Index.We will be watching to see if the Swiss franc, which has fallen against the US dollar, will rebound and whether it can continue to rise.
Author: Keisuke Sakurai
