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Should We Keep an Eye on the Upside Potential for the Franc-Yen Pair, Which Rallied Despite a Deterioration in the PPI?

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Should We Keep an Eye on the Upside Potential for the Swiss Franc/Yen Pair, Which Rose Despite a Deterioration in the PPI?

14.06.2024

Today's Highlights
  1. Canada: Manufacturing Revenue
  2. Retail and Wholesale Price Index

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. Since the price is currently below the 200-period simple moving average (SMA) on the daily chart, we will be watching for the U.S. dollar’s upside potential during European trading hours.

European currencies saw the Swiss franc rise slightly against the yen, despite the Swiss May Producer Price Index (PPI)—released yesterday—deteriorating to -0.3% from 0.6% the previous month. 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, at 1:30 p.m., Japan’s Tertiary Industry Activity Index; at 1:30 p.m., Japan’s Industrial Production; at 3:00 p.m., Sweden’s Consumer Price Index; at 3:30 p.m., India’sWholesale Price Index, a press conference by Bank of Japan Governor Ueda, the French Consumer Price Index at 15:45, the Hong Kong Producer Price Index at 17:30, the Eurozone Trade Balance at 18:00, Canadian Manufacturing Sales and the U.S. Import Price Index at 21:30, remarks by U.S. Federal Reserve’s Mester:remarks by Cleveland Fed President Mester; at 23:00, the U.S. University of Michigan Consumer Sentiment Index; at 25:00, Russia’s real GDP; and at 26:30, remarks by ECB President Lagarde. We will cautiously monitor the upside potential for the CHF/JPY pair, which rose despite the deterioration in the PPI.

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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