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

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

20.06.2024

Today's Highlights
  1. Germany: Producer Price Index
  2. UK: BOE Policy Rate and Statement Announcement

In U.S. currency trading yesterday, the Canadian dollar rose against the yen. The CAD/JPY pair rose 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, and the pair has reached a new recent high.On the daily chart, the pair is rising with momentum that is approaching the high set earlier this month, so caution is advised regarding the potential for further gains during U.S. trading hours.

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

Today, Japan’s domestic and foreign securities investment figures will be released at 8:50, China’s prime lending rate at 10:15, Malaysia’s trade balance at 13:00,at 3:00 p.m., Germany’s Producer Price Index; at 4:00 p.m., Turkey’s Consumer Confidence Index; at 4:30 p.m., Switzerland’s SNB policy rate and statement; at 5:00 p.m., a press conference by SNB Governor Jordan; at 8:00 p.m., the UK’sBOE policy rate and statement release at 21:30, U.S. initial jobless claims, U.S. current account balance, U.S. housing starts, and U.S. Philadelphia Fed Business Outlook Index at 23:00.We will be closely monitoring the SNB’s policy rate announcement to see if any policy changes are made.

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.

Previous Article

All eyes are on whether the franc-yen pair, which has risen for five consecutive days, will continue to climb without a pullback.

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Attention Turns to the Swiss Franc’s Resilience Following the SNB’s Rate Cut
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