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Euro/Swiss Trading Floor to be Reconsidered During the SNB Meeting

Euro/Swiss Trading Floor to be Reconsidered During the SNB Meeting

Benjamin Spier, Technical Strategist

Talking Points

  • RBNZ leaves cash rate at 2.5%
  • SNB to decide interest rate and EURCHF floor in the upcoming session
  • Traders remain focused on the FOMC decision this afternoon

In the overnight Asian session, the Reserve Bank of New Zealand decided to leave its cash rate at 2.5%, and forecasted that the rate will remain at the record low level until the middle of 2013, due to a weak outlook for the country’s trading partners. The decision comes right before the bank’s current governor, Alan Bollard, steps down from his position. NZDUSD trading was not significantly affected by the decision.

Also in New Zealand, the PMI for Business in August fell to 47.2 from 49.4. In Australia, consumer inflation for September was reported at 2.4%.

In the European session, the SNB will be meeting to decide the benchmark interest rate and reaffirm the Euro/Swiss trading floor. The expectations are for the bank to leave the interest rate at 0.00% and for the EURCHF floor to be left in place; that decision will be released at 07:30 GMT.

The biggest event of the day will be during the North American session, when the FOMC will decide its interest rate and possibly announce additional stimulus measures.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

21:00

NZD

Reserve Bank of New Zealand Rate Decision (SEP 13)

2.50%

2.50%

2.50%

22:30

NZD

Business NZ Performance of Manufacturing Index (AUG)

47.2

-

49.4

23:50

JPY

Japan Buying Foreign Stocks (¥) (SEP 7)

-76.9B

-

-34.6B

23:50

JPY

Japan Buying Foreign Bonds (¥) (SEP 7)

788.3B

-

875.4B

23:50

JPY

Foreign Buying Japan Bonds (¥) (SEP 7)

264.4B

-

395.4B

23:50

JPY

Foreign Buying Japan Stocks (¥) (SEP 7)

65.9B

-

-44.8B

1:00

AUD

Consumer Inflation Expectation (SEP)

2.4%

-

2.4%

4:00

JPY

Tokyo Condominium Sales (YoY) (AUG)

17.3%

-

-1.0%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:15

CHF

Producer & Import Prices (MoM) (AUG)

-0.1%

-0.3%

Low

7:15

CHF

Producer & Import Prices (YoY) (AUG)

-0.7%

-1.8%

Low

7:30

CHF

Swiss National Bank Rate Decision (SEP 13)

0.00%

0.00%

High

8:00

EUR

Italian NIC incl. tobacco (MoM) (AUG F)

0.4%

0.4%

Medium

8:00

EUR

Italian CPI NIC incl. tobacco (YoY) (AUG F)

3.2%

3.2%

Medium

8:00

EUR

Italian CPI - EU Harmonized (MoM) (AUG F)

0.2%

0.2%

Medium

8:00

EUR

Italian CPI - EU Harmonzed (YoY) (AUG F)

3.5%

3.50%

Medium

8:30

EUR

Italian General Government Debt (JUL)

1972.9B

Medium

9:00

EUR

Euro-Zone Labor Costs (YoY) (2Q)

1.6%

2.0%

Low

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2900

1.3000

GBPUSD

1.6057

1.6128

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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