All eyes are on whether the Swiss franc, now the world’s strongest currency, will continue to rise
09.05.2024
- Bank of England Policy Rate and Statement Release
- South Africa: Manufacturing Output
In yesterday’s U.S. currency trading, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 112.502 to 113.432, extending its gains to just below the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the 200-period SMA is acting as support, and the pair is on an upward trend.On the daily chart, the pair has risen for three consecutive days, and the RSI has rebounded from 55. Therefore, we will closely monitor whether the Canadian dollar continues to rise against the yen during U.S. trading hours.
Among European currencies, the Swiss franc emerged as the strongest currency during U.S. trading hours. The franc rose significantly against the Japanese yen, which was the weakest currency, climbing from 169.909 to 171.366. On the hourly chart, it has already broken above the 200-period SMA, and on the 4-hour chart, an uptrend along the 10-period MA is evident. Since an upward trend is also visible on the daily chart, we should keep an eye on the Swiss franc’s potential for further gains during U.S. trading hours.
Today’s schedule includes South Korea’s current account balance at 8:00, the UK’s RICS House Price Index at 8:01, the Philippines’ real GDP at 11:00, Japan’s Leading Economic Index at 14:00, Malaysia’s BNM overnight policy rate at 16:00, the UK’s BOE interest rate decision and statement at 20:00, and South Africa’s manufacturing output atat 8:30 PM, the UK’s BOE Governor Bailey press conference; at 9:00 PM, Mexico’s Consumer Price Index; at 9:30 PM, the US Initial Jobless Claims; at midnight, remarks by Canada’s BOC Governor McClem; at 1:15 AM, remarks by UK MPC Member Pill; and at 2:00 AM, the US 30-year Treasury auction.We will be watching closely to see if the Swiss franc, now the world’s strongest currency, will continue to rise.
Author: Keisuke Sakurai
