All eyes are on whether the SNB will announce a policy change when it releases its interest rate decision

All eyes are on whether the SNB will announce a policy change when it releases its interest rate decision

20.06.2024

In yesterday’s U.S. trading session, the Canadian dollar rose against the yen. The CAD/JPY pair climbed from 114.839 to 115.345. The rise followed the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the uptrend along the 10-period MA continues, with the pair having broken through its recent high. On the daily chart, the pair is rising at a pace that threatens to approach the high set earlier this month, so caution is warranted regarding further upside during U.S. trading hours.

Ahead of today’s SNB policy rate announcement, the Swiss franc rose against the yen. The CHF/JPY pair climbed from 178.160 to 178.757. Price action followed the 20-period moving average on the hourly chart. On the 4-hour chart, a band walk above the +2σ line of the Bollinger Bands was observed, and similar price movement is evident on the daily chart as well. We will be watching to see if the Swiss franc continues to strengthen against the yen following today’s policy rate announcement.

Today’s schedule includes Japan’s domestic and foreign securities investment data at 8:50, China’s prime lending rate at 10:15, Malaysia’s trade balance at 13:00, Germany’s producer price index at 15:00, Turkey’s consumer confidence index at 16:00, the Swiss National Bank’s (SNB) policy rate and statement at 16:30,at 5:00 PM, a press conference by SNB Governor Jordan; at 8:00 PM, the Bank of England’s policy rate and statement; at 9:30 PM, U.S. initial jobless claims, the U.S. current account balance, U.S. housing starts, and the U.S. Philadelphia Fed Business Outlook Index; and at 11:00 PM, the Eurozone Consumer Confidence Index.We will be closely monitoring the SNB’s policy rate announcement to see if any policy changes are made.

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