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With the Swiss franc rate held steady at 1.75%—contrary to market expectations—all eyes are on its resilience.

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With the Swiss franc rate held steady at 1.75%—contrary to market expectations—all eyes are on its resilience.

22.09.2023

Today's Highlights
  1. Remarks by Federal Reserve Board Member Cook
  2. Germany: Manufacturing/Services PMI

In the U.S. currency market yesterday, the U.S. dollar fell against the yen after the September Philadelphia Fed Manufacturing Index, released yesterday, deteriorated sharply from 12.0 the previous month to -13.5. The USD/JPY pair retreated after hitting a new monthly high of 148.457.It fell to 147.321. Although a slight rebound has been observed during today’s Asian trading session, the pair is declining after touching the 20-period moving average on the hourly chart, so caution is advised regarding price movements during U.S. trading hours.

European currencies saw the Swiss franc fall sharply against the yen after the Swiss National Bank (SNB) announced yesterday that it had kept its policy rate unchanged at 1.75%, the same as the previous meeting. The CHF/JPY pair fell by about 2 yen, from 165.058 to 162.975, and broke sharply below the 200 EMA on the 4-hour chart.On the daily chart, which is a higher timeframe, the pair has fallen sharply from the 20-day moving average (MA) and reached the -3σ level of the Bollinger Bands; therefore, we will be closely monitoring whether the downtrend continues.

Today’s schedule includes UK retail sales at 15:00, a press conference by Bank of Japan Governor Ueda at 15:30, France’s manufacturing and services PMI at 16:15, Germany’smanufacturing and services PMIs, at 5:00 PM Taiwan’s unemployment rate and Eurozone manufacturing and services PMIs, at 5:30 PM UK manufacturing and services PMIs, at 7:00 PM the UK CBI Business Survey, at 9:30 PM Canada’s retail sales,21:50: Remarks by Fed Governor Cook (U.S.), and 22:45: U.S. Manufacturing/Services PMI. We will be watching closely to see how the Swiss franc rebounds after the central bank kept rates unchanged at 1.75%, contrary to market expectations.

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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