Swiss Franc Climbs As Weak Eurozone Data Dampens Sentiment
05 Diciembre 2022 - 2:19AM
RTTF2
The Swiss franc firmed against its major counterparts in the
European session on Monday amid safe-haven status, as Eurozone
business activity contracted for a fifth successive month in
November, intensifying fears of a recession in the currency
bloc.
Final data from S&P Global showed that the composite output
index came in at 47.8, in line with expectations.
The services PMI dropped to a 21-month low of 48.5 from 48.6 a
month ago. The index was forecast to fall to 48.6.
Investors focus on U.S. factory orders data and ISM
non-manufacturing PMI due later today for more direction.
Better-than-expected non-farm payrolls data released last week
triggered uncertainty about the outlook for interest rates.
The Swiss currency was up against the yen, at a 4-day high of
144.98. If the franc rises further, 146.00 is likely seen as its
next resistance level.
The franc edged up to 1.1451 against the pound and 0.9851
against the euro, after falling to a 5-week low of 1.1539 and near
a 4-week low of 0.9893, respectively in prior deals. The franc is
likely to face resistance around 1.12 against the pound and 0.96
against the euro.
The franc rose to 0.9331 against the greenback, off its prior
low of 0.9382. On the upside, 0.92 is possibly seen as its next
resistance level.
Looking ahead, U.S. factory orders for October and ISM
non-manufacturing PMI for November, as well as Canada building
permits for October will be released in the New York session.
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