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

Market Report

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

Today's Highlights
  1. Remarks by Jefferson, Member of the Federal Reserve Board
  2. Remarks by a Member of the Bank of England’s Monetary Policy Committee

In the U.S. currency markets last weekend, the U.S. dollar weakened toward the close 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 pair rebounded last weekend, it remains below the 20-day moving average on the daily chart, and since the downtrend continues, we should carefully monitor the market’s direction at the start of the week.

Among European currencies, the Swiss franc rose against the yen following the release of Switzerland’s September employment statistics last weekend, which showed that 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 continuing last month’s downward trend. As the CHF/JPY pair moved above its 20-day moving average following last weekend’s rebound, it will be worth watching whether it can sustain this momentum against the yen.

Today, at 3:00 p.m., Germany’sIndustrial Production and Norway’s GDP at 3:00 PM; the Czech Republic’s 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; U.S. remarks by Logan,remarks by Logan, President of the Dallas Fed; at 10:15 p.m., remarks by Fed Chair Bar; at 11:00 p.m., the U.S. Employment Trends Index; at 2:30 a.m., remarks by Fed Governor Jefferson; and at 5:00 a.m., remarks by MPC member Mann.We want to carefully assess the direction of the Swiss franc, which rose against the yen after the unemployment rate held steady.

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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