Swiss Franc Climbs In Cautious Trade
24 Marzo 2022 - 4:22AM
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The Swiss franc advanced against its major counterparts during
the European session on Thursday amid safe-haven status, as
Eurozone private sector growth eased in March and investors focused
on the European Union summit in Brussels that is expected to
announce further sanctions on Russia for conflict in Ukraine.
There are reports that the U.S. and European Union are preparing
a deal to slash Europe's dependence on Russian oil and gas.
U.S. President Joe Biden's national security adviser Jake
Sullivan said that the President will make an announcement on
Friday on a long term initiative to reduce Russia's oil and gas
imports to Europe.
Biden is set to announce a package of sanctions on Russia's
political figures and oligarchs for its invasion of Ukraine.
Russian President Vladimir Putin said that he will insist for
payment in rubles for gas sales from "unfriendly" countries.
The Swiss National Bank left its expansionary monetary policy
unchanged.
Policymakers of the central bank decided to retain the policy
rate and interest on sight deposits at the SNB at -0.75
percent.
The bank repeated that it is willing to intervene in the foreign
exchange market as necessary, in order to counter upward pressure
on the Swiss franc.
The franc jumped to 130.93 against the yen, its highest level
since July 2015. On the upside, 132.5 is possibly seen as its next
resistance level.
The franc rose back to 0.9302 against the greenback, heading to
pierce a 3-day high of 0.9297 seen in the Asian session. Next key
resistance for the franc is seen around the 0.90 level.
The franc climbed to a 10-day high of 1.0213 against the euro
and a 3-day high of 1.2269 against the pound, off its early lows of
1.0269 and 1.2327, respectively. The next possible resistance for
the franc is seen around 1.00 against the euro and 1.19 against the
pound.
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