Swiss Franc Falls As European Shares Traded Higher
01 Marzo 2024 - 12:28AM
RTTF2
The Swiss franc weakened against other major currencies in the
European session on Friday, as investor sentiment boosted after
January U.S. inflation data reinforced expectations for a June cut
to interest rates.
New York Federal Reserve Bank President John Williams reiterated
on Thursday that the next move for the U.S. central bank will
likely be a cut to its interest rate target.
Federal Reserve Bank of San Francisco President Mary Daly,
meanwhile, highlighted the shift towards a more data-dependent
approach.
Her Atlanta counterpart Raphael Bostic said it will be
appropriate to begin cutting interest rates this summer.
In the Asian trading today, the franc held steady against its
major rivals.
In the European trading, the Swiss franc fell to a 3-month low
of 0.9596 against the euro and more than a 5-month low of 1.1208
against the pound, from early highs of 0.9555 and 1.1162,
respectively. If the franc extends its downtrend, it is likely to
find support around 0.97 against the euro and 1.13 against the
pound.
Against the U.S. dollar, the franc dropped to more than a 2-week
low of 0.8871 from an early high of 0.8839. The franc may test
support near the 0.89 region.
The franc edged down to 169.76 against the yen, from an early
high of 170.12. On the downside, 167.00 is seen as the next support
level for the franc.
Looking ahead, PMI reports from Canada and U.S. for February,
U.S. University of Michigan's consumer sentiment for February and
construction spending for January and U.S. Baker Hughes oil rig
count data are slated for release in the New York session.
At 9:00 am ET, Bank of England Chief Economist Huw Pill gives
lecture at Cardiff University Business School, in Cardiff, U.K.
At 10:15 am ET, Federal Reserve Board Governor Christopher
Waller and Federal Reserve Bank of Dallas President Lorie Logan
will participate in panel, "2024 report, Quantitative Tightening
around the Globe: What Have We Learned?" before the 2024 U.S.
Monetary Policy Forum hosted by the Chicago Booth School of
Business, in New York, U.S.
At 12:15 pm ET, Federal Reserve Bank of Atlanta President
Raphael Bostic will speak on the economic outlook and real estate
trends before the University of Florida's Kelley A. Bergstrom Real
Estate Center 2024 Trends and Strategies Conference, in Orlando,
Florida, U.S.
At 1:30 pm ET, Federal Reserve Bank of San Francisco President
Mary Daly and Federal Reserve Bank of Kansas City President Jeffrey
Schmid (moderator) will participate in panel, "AI and the Labor
Market" before the 2024 U.S. Monetary Policy Forum hosted by the
Chicago Booth School of Business, in New York, U.S.
At 3:30 pm ET, Federal Reserve Board Governor Adriana Kugler
will deliver a speech on "Pursuing the Dual Mandate" before the
2024 Stanford Institute for Economic Policy Research (SIEPR)
Economic Summit, in Stanford, California, U.S.
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