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With April CPI rising 0.4 points, should we keep a close eye on the strengthening Swiss franc?

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With April CPI rising 0.4 points, should we keep a close eye on the strengthening Swiss franc?

03.05.2024

Today's Highlights
  1. Turkey: Consumer Price Index
  2. France: Industrial Production

In U.S. currency trading yesterday, the Canadian dollar fell against the yen after Canada’s March international merchandise trade figures—released yesterday—deteriorated from 1.39 billion Canadian dollars the previous month to a deficit of 2.28 billion Canadian dollars. The CAD/JPY pair fell from 113.797 to 111.900.The decline followed the 10-period moving average (MA) on the hourly chart. During today’s Asian trading session, the pair is attempting to rebound, albeit with very little price movement. However, on the daily chart, the RSI has been trending downward from 83, so we should watch for the possibility of a continued decline.

European currencies saw the Swiss franc fluctuate against the yen after Switzerland’s April consumer price index, released yesterday, rose to 1.4% year-over-year from 1.0% the previous month.The CHF/JPY pair fluctuated between 168.164 and 170.674, and on the 4-hour chart, it appears to be finding support below the 200-period SMA. We will need to carefully assess whether the Swiss franc will continue to rebound against the yen.

Today’s economic indicators include Singapore retail sales at 14:00, France’s industrial production, fiscal balance, and manufacturing production index at 15:45, Turkey’s consumer price index and producer price index at 16:00, Hong Kong retail sales at 17:30,UK Services PMI at 17:30, the Eurozone Unemployment Rate at 18:00, Brazil’s Industrial Production at 21:00, the U.S. Employment Report at 21:30, the U.S. Services PMI at 22:45, and the U.S. ISM Non-Manufacturing Index at 23:00.We intend to monitor the Swiss franc cautiously, as it has strengthened following a 0.4-point rise in the April CPI.

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 with a particular focus 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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