Swiss Franc Falls On Rising Risk Appetite
29 Agosto 2016 - 9:01PM
RTTF2
The Swiss franc weakened against the other major currencies in
the Asian session on Tuesday amid rising risk appetite, following
the positive lead overnight from Wall Street and rising commodity
prices.
Expectations that Japan as well as other major economies will
continue with their monetary easing, also supported the investor
sentiment.
Meanwhile, investors remain cautious ahead of the release of
U.S. non-farm payrolls data on Friday, which could further shed
light on the timeline for a U.S. interest rate increase.
A report from the Commerce Department showed that income and
spending rose in line with economist estimates in the month of
July. The personal income climbed by 0.4 percent in July after
rising by 0.3 percent in June. The increase in income matched
economist estimates.
The personal spending rose by 0.3 percent in July following a
0.5 percent increase in June. The spending growth also met
expectations.
Monday, the Swiss franc showed mixed trading against its major
rivals. While the Swiss franc fell against the U.S. dollar, it rose
against the yen. Meanwhile, the franc held steady against the euro
and the pound.
In the Asian trading, the Swiss franc fell to 4-day lows of
1.0958 against the euro and 104.03 against the yen, from
yesterday's closing of 1.0944 and 104.16, respectively. If the
Swiss franc extends its downtrend, it is likely to find support
around 1.10 against the euro and 102.00 against the yen.
Against the U.S. dollar, the Swiss franc dropped to nearly a
3-week low of 0.9808 from yesterday's closing value of 0.9781. On
the downside, 0.99 is seen as the next support level for the
franc.
The franc edged down to 1.2835 against the pound, from
yesterday's closing value of 1.2817. The franc is likely to find
support around the 1.30 area.
Looking ahead, the German import price index for July is due to
be released at 2:00 am ET.
Swiss KOF leading indicator for August, U.K. mortgage approvals
for July, and Eurozone business climate index for August, are
slated for release later in the day.
In the New York session, flash German CPI data for August,
Canada industrial product and raw materials price indexes for July,
U.S. S&P/Case-Shiller home price index for June and U.S.
consumer confidence index for August, are set to be published.
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