Will the Swiss franc, which has fallen against the U.S. dollar, rebound? All eyes are on whether it will rise.
08.09.2023
- Germany's Consumer Price Index
- Canada: Employment Statistics
In the U.S. currency market yesterday, the U.S. dollar weakened despite the fact that the number of new U.S. unemployment insurance claims, released yesterday, fell to 216,000 from 228,000 the previous week.The U.S. 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 the USD/JPY pair has broken below the 20-period moving average (MA) on the 4-hour chart with a real body candle, we should remain vigilant to see if the dollar’s decline will continue today, as we approach the weekend.
European currencies saw the Swiss franc weaken against the U.S. dollar after yesterday’s release of Switzerland’s August employment statistics 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 4-hour 10-period moving average (MA) that began earlier this week. However, during today’s Asian session, the pair broke below the 4-hour 10-period MA and retreated, so we will be watching for the Swiss franc’s ability to recover during the European session.
Today, during Asian trading hours, Germany’s Consumer Price Index will be released at 15:00, followed by France’s Industrial Production and Manufacturing Production Index at 15:45; during European trading hours, Taiwan’s Trade Balance will be released at 17:00,during U.S. trading hours at 21:30, Canada’s employment report and second-quarter capacity utilization rate; at 22:00, remarks by Fed Vice Chair Bar; at 23:00, U.S. wholesale inventories; and at 25:00, Russia’s Consumer Price Index.We will be watching to see if the Swiss franc, which has fallen against the U.S. dollar, will rebound and whether it can regain ground.
Author: Keisuke Sakurai
