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Should We Keep an Eye on the Upside Potential of the Swiss Franc, Now the World’s Strongest Currency?

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Should We Keep an Eye on the Upside Potential of the Swiss Franc, Now the World’s Strongest Currency?

07.06.2024

Today's Highlights
  1. U.S. Employment Report
  2. Mexico Consumer Price Index

Yesterday, the three major U.S. stock indices posted mixed results, with stock prices remaining flat, interest rates falling, and crude oil prices rising. WTI crude oil rose to $75.7. Natural gas prices also rose, trading around $2.8.Among the five major precious metals, all but palladium rose; palladium was the only one to decline, falling 1.4% from the previous day to the $931 range.

In the foreign exchange market, the Swiss franc emerged as the strongest currency during U.S. trading hours. The CHF/JPY pair rose from 174.402 to 175.363, with the rally tracking the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the pair is trading above the 10-period moving average, and on the daily chart, a band walk along the +2σ line of the Bollinger Bands has been confirmed. We will be watching the Swiss franc’s direction closely to see if prices continue to rise during European trading hours.

Today’s economic indicators include the Japan All-Household Household Expenditure Survey at 8:30, Thailand’s Consumer Price Index at 12:30, India’s central bank policy rate at 13:30, Japan’s Economic Sentiment Index at 14:00, Germany’s Industrial Production and Trade Balance at 15:00,at 15:45, France’s Trade Balance and Current Account; at 18:00, Eurozone Real GDP; at 21:00, Mexico’s Consumer Price Index; at 21:30, U.S. Employment Report, Canada’s Employment Report, and Canada’s Capacity Utilization Rate; at 23:00, U.S. Wholesale Inventories;at 11:15 p.m., remarks by ECB President Lagarde; and at 1:00 a.m., remarks by Fed Governor Cook. We will be watching for further gains in the Swiss franc, which has become the strongest currency.

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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