Will the CHF/JPY pair, which fell despite the recovery in the PPI, show signs of a rebound? We will be watching closely.
16.07.2024
- ZEW Economic Sentiment Survey
- Canada: Housing Starts
In yesterday's U.S. currency trading, the Canadian dollar fell against the yen. The CAD/JPY pair dropped from 116.038 to 115.054. Its upside was capped by the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair has broken below the 200-period simple moving average (SMA), and on the daily chart, it has halted its decline just short of the 75-period MA. We need to carefully assess whether the Canadian dollar will continue to weaken against the yen.
Despite the Swiss June Producer Price Index (PPI), released yesterday, improving to 0.0% from -0.3% the previous month, the Swiss franc fell against the yen. The CHF/JPY pair dropped from 176.857 to 175.863. The 20-period moving average on the hourly chart acted as resistance.On the 4-hour chart, the pair is hovering just below the 200-period SMA, and a rebound has been observed during today’s Asian session.
Today's economic indicators include Japan's Tertiary Industry Activity Index at 1:30 PM, France's Current Account Balance at 3:45 PM, Germany's ZEW Economic Sentiment Survey and the Eurozone's ZEW Economic Sentiment Survey and Trade Balance at 6:00 PM,at 21:15: Canada’s Housing Starts; at 21:30: Canada’s Consumer Price Index, U.S. Retail Sales, and U.S. Import Price Index; at 23:00: U.S. Business Inventories and U.S. NAHB Housing Market Index; at 27:45: Remarks by U.S. Federal Reserve Governor Kugler; and at 7:45 the following day: New Zealand’s Q2 Consumer Price Index.We will be watching closely to see if the CHF/JPY pair, which fell despite the PPI recovery, will show any signs of a rebound.
Author: Keisuke Sakurai
