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Forex News: Swiss Franc Advances Amid Risk Aversion

Swiss Franc Advances Amid Risk Aversion

03/24/2017 - 07:45:00 (RTTNews)

(RTTNews) - The Swiss franc climbed against most major opponents in the European session on Friday amid risk aversion, as investors awaited a key U.S. vote on healthcare plan intended to repeal and replace the Affordable Care Act.

The vote has been postponed to Friday, after President Donald Trump and Speaker Paul Ryan failed to close a deal with the hard-line conservatives in the House Freedom Caucus.

President Donald Trump warned House Republican lawmakers on Thursday that voters could punish them if they do not vote in favor for new health-care legislation to dismantle Obamacare.

If a vote on the replacement fails, it would cast doubt on Trump's ability to deliver on promises of increased infrastructure spending, tax cuts and deregulation.

Data from the Swiss National Bank showed that Switzerland's current account surplus rose 5 billion Swiss francs on year to 22 billion francs in the fourth quarter of 2016, driven by higher surpluses in services and goods trade.

Net acquisition of financial assets grew by CHF 18 billion in the fourth quarter, led by a surge in net acquisition in reserve assets amounting to CHF 21 billion.

The franc dropped against its major rivals in the Asian session, except the yen.

Reversing from an early 3-day low of 0.9959 against the greenback, the franc climbed to a 2-day high of 0.9905. The franc is likely to find resistance around the 0.98 region.

The franc advanced to 1.2371 against the pound, off its early low of 1.2442. If the franc extends rise, it may challenge resistance around the 1.22 mark.

Data from British Bankers' Association showed that UK mortgage approvals for house purchases fell to a three month low in February.

The number of mortgages approved for house purchases fell to 42,613 in February from 44,142 in January. This was the lowest since November. The expected level for February was 44,900.

The franc edged up to 112.18 against the yen, from a low of 111.61 hit at 8:00 pm ET. Continuation of the franc's uptrend may see it challenging resistance around the 114.00 area.

Final data from the Cabinet Office showed that Japan's leading index rose less than estimated in January.

The leading index climbed marginally to 104.9 in January from 104.8 in December. The score was revised down from 105.5.

On the flip side, the franc held steady at 1.0715 against the euro, after rebounding from an early low of 1.0720.

Flash survey data from IHS Markit showed that Eurozone private sector growth reached a near six-year high in March.

The composite output index rose to 56.7 in March from 56.0 in February. The latest reading was the highest since April 2011. Economists had forecast the index to fall to 55.8.

Looking ahead, Canada CPI for February, U.S. durable goods orders for February, Markit's U.S. flash manufacturing PMI for March and U.S. Baker Hughes rig count data are slated for release in the New York session.

At 8:00 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak at the Federal Reserve System Community Development Research Conference, in Washington DC.

At 9:05 am ET, Federal Reserve Bank of St. Louis President James Bullard will give a presentation on the U.S. economy and monetary policy before the Economic Club of Memphis Economic Briefing, in Memphis, U.S.

At 10:00 am ET, Federal Reserve Bank of New York President and CEO William Dudley will participate in a fireside chat with business and economics students at York College, in New York.

At 11:30 am ET, Canadian Finance Minister Bill Morneau will give a speech in Toronto.

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