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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

Ilya Spivak, Head Strategist, APAC

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.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:30

NZD

Performance Services Index (FEB)

55.6

-

57.8

0:30

AUD

New Motor Vehicle Sales (MoM) (FEB)

2.9%

-

-1.9%

0:30

AUD

New Motor Vehicle Sales (YoY) (FEB)

4.1%

-

0.2%

4:00

JPY

Tokyo Condominium Sales (YoY) (FEB)

-2.0%

-

-8.1%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

8:00

CHF

SNB Sight Deposits

-

-

Low

8:15

CHF

Retail Sales (YoY) (JAN)

-

1.9%

Low

8:15

CHF

Producer & Import Prices (MoM) (FEB)

-1.0%

-0.6%

Medium

8:15

CHF

Producer & Import Prices (YoY) (FEB)

-3.3%

-2.7%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0187

1.0359

1.0428

1.0531

1.0600

1.0703

1.0875

GBPUSD

1.4386

1.4583

1.4664

1.4780

1.4861

1.4977

1.5174

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

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

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