Yen and Swiss Franc Skyrocket Amid Lower Treasury Yields and Market Cautiousness
| Action Insight Mid-Day Report 6-4-24 |
Yen and Swiss Franc Skyrocket Amid Lower Treasury Yields and Market Cautiousness |
Japanese Yen and Swiss Franc are seeing significant upward momentum today. As news flow has been very slow, these safe-have currencies' are likely partly supported by the extended decline in benchmark treasury yields across the US and Europe. This movement also suggests an underlying risk aversion among investors, although the downturns in European indices and US futures remain relatively moderate. The development raises speculation about whether traders are preemptively positioning themselves in anticipation of the upcoming ISM Services and US Non-Farm Payroll data later this week. Another pivotal arises: will the markets interpret negative surprises in the upcoming data as genuinely unfavorable, or will the recent "bad news is good news" scenario continue to prevail? In any case, June promises to be a turbulent month, closing out the first half of the year with potentially significant volatility... |
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.8926 (P) 0.8983; (R1) 0.9016; Moreâ¦. USD/CHF accelerates to as low as 0.8921 so far today, touching 100% projection of 0.9223 to 0.8987 from 0.9157 at 0.8921. There is no sign of bottoming yet and intraday bias stays on the downside. Break of 0.8921 will target 0.8883 fibonacci level. On the upside, above 0.8987 support turned resistance will turn intraday bias neutral first. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:50 | JPY | Monetary Base Y/Y May | 0.90% | 2.20% | 2.10% | | 01:30 | AUD | Current Account Balance (AUD) Q1 | -4.9B | 5.9B | 11.8B | 2.7B | | 06:30 | CHF | CPI M/M May | 0.30% | 0.40% | 0.30% | | 06:30 | CHF | CPI Y/Y May | 1.40% | 1.40% | | 07:55 | EUR | Germany Unemployment Change May | 25K | 7K | 10K | | 07:55 | EUR | Germany Unemployment Rate May | 5.90% | 5.90% | 5.90% | | 14:00 | USD | Factory Orders M/M Apr | 0.70% | 1.60% |
|
|
|
