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Swiss Franc May Rise as PPI Data Shapes Bets Ahead of SNB Meeting

Swiss Franc May Rise as PPI Data Shapes Bets Ahead of SNB Meeting

Talking Points:

  • Kiwi Dollar Outperforms as Asian Stock Exchanges Shake Off Early Losses
  • Swiss Franc May Rise if PPI Tops Forecasts, Cooling SNB Stimulus Outlook
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The New Zealand Dollar outperformed in overnight trade, rising as much as 0.4 percent on average against its leading counterparts. The move tracked a rebound on Asian stock exchanges, pointing to firming risk appetite as the catalyst behind the advance of the sentiment-sensitive currency. Regional bourses initially swooned, seemingly following the negative lead from Friday’s performance on Wall Street, but swiftly recovered ground. The correlation between NZDUSD and the MSCI World Stock Index is now 0.91 (on rolling 20-day studies).

Swiss PPI figures headline an otherwise quiet European data docket. Expectations call for the year-on-year wholesale inflation rate to drop 3.3 percent in February, yielding the largest negative reading since November 2009. Swiss price-growth figures have increasingly outpaced consensus forecasts since October 2014, opening the door for an upside surprise. Such an outcome may drive speculation that the SNB will not announce new easing measures at the policy meeting due later this week, offering a near-term lift to the Swiss Franc.


Asia Session

21:30NZDPerformance Services Index (FEB)55.6-57.8
0:30AUDNew Motor Vehicle Sales (MoM) (FEB)2.9%--1.9%
0:30AUDNew Motor Vehicle Sales (YoY) (FEB)4.1%-0.2%
4:00JPYTokyo Condominium Sales (YoY) (FEB)-2.0%--8.1%

European Session

8:00CHFSNB Sight Deposits--Low
8:15CHFRetail Sales (YoY) (JAN) -1.9%Low
8:15 CHFProducer & Import Prices (MoM) (FEB)-1.0%-0.6%Medium
8:15CHFProducer & Import Prices (YoY) (FEB)-3.3%-2.7%Medium

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3

--- Written by Ilya Spivak, Currency Strategist for

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.