Should we keep an eye on the upside potential of the CHF/JPY pair, which rose despite worsening PPI figures?

Should we keep an eye on the upside potential of the CHF/JPY pair, which rose despite worsening PPI figures?

14.06.2024

In the U.S. currency market yesterday, the U.S. dollar rose against the euro after the U.S. Producer Price Index (PPI) for May, released yesterday, remained unchanged from the previous month at 2.2% year-over-year.The EUR/USD pair fell from 1.0816 to 1.0727. On the hourly chart, the price moved from above the 20-period moving average (MA) to below it. On the 4-hour chart, the decline occurred from a pattern where short- and long-term MAs were clustered closely together. On the daily chart, the price is currently below the 200-period simple moving average (SMA), so we will be watching for the potential for the U.S. dollar to rise during European trading hours.

Despite the Swiss May Producer Price Index (PPI), released yesterday, deteriorating from 0.6% the previous month to -0.3%, the Swiss franc rose slightly against the yen. The CHF/JPY pair rose from 174.978 to 175.751.The rise was supported by the 75-period moving average (MA) on the hourly chart. Furthermore, during today’s Asian trading session, the pair extended its gains, rising to 176.906, so we will be watching closely to see if the Swiss franc continues to rise during U.S. trading hours.

Today’s schedule includes: Japan’s Tertiary Industry Activity Index at 1:30 PM, Japan’s Industrial Production at 1:30 PM, Sweden’s Consumer Price Index at 3:00 PM, India’s Wholesale Price Index at 3:30 PM, a press conference by Bank of Japan Governor Ueda, France’s Consumer Price Index at 3:45 PM, Hong Kong’s Producer Price Index at 5:30 PM, and the Eurozone’sTrade Balance at 17:30, Canada Manufacturing Sales and U.S. Import Price Index at 21:30, remarks by U.S. Federal Reserve Bank of Cleveland President Mester at 21:30, U.S. University of Michigan Consumer Sentiment Index at 23:00, Russia Real GDP at 25:00, and remarks by European Central Bank President Lagarde at 26:30. We will closely monitor the upside potential of the CHF/JPY pair, which rose despite the deterioration in the PPI.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 15.04.2026New

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

4. 14.04.2026New

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

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 09.04.2026

   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?

8. 08.04.2026

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

9. 07.04.2026

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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed