Swiss Franc Showing Weakness Against Majors
06 Diciembre 2022 - 12:18AM
RTTF2
The Swiss franc dropped against its major counterparts in the
European session on Tuesday amid safe-haven status, as comments
from European Central Bank chief economist Philip Lane soothed
concerns about inflation and German factory orders rose more than
expected in October.
Although more rate hikes will be required to tame price
pressures, headline inflation is nearing a peak, Lane said in an
interview with Italian newspaper published today.
"It's probably too early to make that judgement" whether
inflation has already peaked, "but I would be reasonably confident
in saying that it is likely we are close to peak inflation," Lane
added.
Data from Destatis showed that German factory orders posted a
monthly growth of 0.8 percent in October, in contrast to the
revised 2.9 percent decrease in September. Orders were expected to
gain marginally by 0.1 percent.
Elsewhere, media reports suggested that China's capital Beijing
is likely to scale back more COVID restrictions under its strict
zero-COVID strategy.
The franc was down against the greenback, at a 5-day low of
0.9456. On the downside, 0.97 is possibly seen as its next support
level.
Against the pound, the franc reached as low as 1.1524. The franc
is seen finding support around the 1.22 level.
The franc eased to 144.73 against the yen, from a 5-day high of
145.51 logged at 2:20 am ET. The franc is poised to challenge
support around the 119.00 region.
The franc edged down to 0.9909 against the euro, off its prior
high of 0.9865. If the franc falls further, it may challenge
support around the 1.05 level.
Looking ahead, U.S. and Canadian trade data for October and
Canada Ivey PMI for November will be out in the New York
session.
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