Swiss Franc Drops Amid Risk Appetite
09 Noviembre 2021 - 2:00AM
RTTF2
The Swiss franc declined against its major counterparts in
European deals on Tuesday, as European shares rose amid corporate
earnings, while investors awaited U.S. inflation data to assess Fed
rate hike prospects.
U.S. treasury yields fell following news that Governor Lael
Brainard was interviewed for the top post at the Federal
Reserve.
The CPI data, due Wednesday, is forecast to show a rise in
prices driven by supply chain issues and surging energy costs.
Fed Vice Chairman Richard Clarida said on Monday that although
the central bank is distant from considering raising interest
rates, these conditions for a liftoff is likely to be met by the
end of 2022.
Attention now shifts to U.S. producer inflation data, as well as
speeches from central bank chiefs, including ECB President Lagarde,
BoE President Bailey and Fed Chairman Powell for more
direction.
The franc edged down to 1.0598 against the euro and 0.9154
against the greenback, off its prior highs of 1.0568 and 0.9117,
respectively. The franc is seen finding support around 1.08 against
the euro and 0.93 against the greenback.
The franc reversed from its early highs of 1.2367 against the
pound and 124.02 against the yen, sliding to a 5-day low of 1.2426
and a fresh 3-week low of 123.41, respectively. The next likely
support for the franc is seen around 1.26 against the pound and
119.5 against the yen.
Looking ahead, European Central Bank President Christine Lagarde
is due to deliver opening remarks at the ECB Forum on Banking
Supervision at 8 am ET.
U.S. PPI for October is scheduled for release in the New York
session.
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