Market participants are likely to keep a close eye on the weakening Japanese yen and Swiss franc
09.08.2024
- Japan · Money Supply
- Canada: Employment Statistics
In yesterday’s U.S. trading session, the Canadian dollar rose against the yen ahead of today’s U.S. employment report. The CAD/JPY pair climbed from 105.764 to 107.339, recovering to just below the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the 20-period moving average (MA) is providing solid support, and on the daily chart, the RSI has recovered above the 30 level. We will be watching to see if today’s employment report triggers further gains.
Among European currencies, the Swiss franc was the weakest, alongside the Japanese yen. While other yen crosses rose, the franc-yen pair remained range-bound. It fluctuated between 169.603 and 170.808, moving back and forth across the 20-period moving average on the hourly chart. On the daily chart, it remains below the 200-period moving average, while on the weekly chart, it is forming a pin bar with a lower wick.
Today's economic indicators include Japan's money supply at 8:50, China's Producer Price Index and Consumer Price Index at 10:30, Malaysia's industrial production at 13:00, and France'semployment data at 10:30, Norway’s CPI and Germany’s CPI at 15:00, Turkey’s industrial production at 16:00, Mexico’s industrial production at 21:00, Canada’s employment data at 21:30, and Russia’s CPI and real GDP at 25:00. I intend to closely monitor the trends of the weakening Japanese yen and Swiss franc.
Author: Keisuke Sakurai
