With the unemployment rate holding steady, all eyes are on the direction of the Swiss franc, which has risen against the yen

With the unemployment rate holding steady, all eyes are on the direction of the Swiss franc, which has risen against the yen

09.10.2023

Last weekend, the U.S. dollar weakened toward the close of trading after the U.S. employment report showed that while the unemployment rate remained unchanged at 3.8%, average hourly earnings (year-over-year) fell by 0.1 percentage points to 4.2%. The EUR/USD pair fell to 1.0482 before rebounding sharply, recovering to 1.0598.Although the EUR/USD pair recovered following last weekend’s rebound, it remains below the 20-day moving average on the daily chart, and since the downtrend persists, we should cautiously monitor the market’s direction at the start of the week.

European currencies saw the Swiss franc rise against the yen following the release of Switzerland’s September employment statistics last weekend, which showed the seasonally adjusted unemployment rate remained unchanged from the previous month at 2.1%. The CHF/JPY pair rose from 162.512 to 164.286.The pair rebounded without following the downward trend seen last month. As the CHF/JPY pair moved above the 20-day moving average following last weekend’s rebound, it will be worth watching whether it can maintain its momentum against the yen.

Today’s schedule includes German industrial production and Norwegian GDP at 3:00 PM, Czech industrial production at 4:00 PM, the Eurozone investor sentiment index at 5:30 PM, Singapore’s foreign exchange reserves at 6:00 PM, Mexico’s consumer price index at 9:00 PM, and U.S. Logan:Remarks by Logan, President of the Dallas Fed; at 10:15 PM, remarks by Barr, Chair of the Federal Reserve; at 11:00 PM, the U.S. Employment Trends Index; at 2:30 AM, remarks by Jefferson, Member of the Federal Reserve Board; and at 5:00 AM, remarks by a member of the Bank of England’s Monetary Policy Committee. We intend to carefully assess the direction of the Swiss franc, which rose against the yen following the unchanged unemployment rate.

Past Market Reports

1. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 15.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 09.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran