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Forex News: Swiss Franc Advances Amid Risk Aversion

Swiss Franc Advances Amid Risk Aversion

08/28/2017 - 06:31:00 (RTTNews)

(RTTNews) - The Swiss franc climbed against its major rivals in the European session on Monday amid risk aversion, as the euro surged after ECB President Mario Draghi refrained from talking down the common currency at the Jackson Hole conference.

In his much anticipated speech Friday, Draghi sounded optimistic on Eurozone economy and said the central bank's stimulus measures are having the desired effects, but he didn't express concern about a strong currency.

Fed Chair Janet Yellen also made no reference to U.S. monetary policy in her speech, focusing on the topic of financial stability a decade after the onset of the financial crisis.

Investors also digested the impact of Hurricane Harvey on the U.S. oil industry.

The third round of Brexit negotiations kicks off in Brussels, with the talks to be focused on Brexit bill, citizen rights and Northern Ireland's border.

The franc dropped against its major rivals in the Asian session, with the exception of the pound.

The franc that closed Friday's trading at 1.2308 against the pound advanced to a 5-week high of 1.2292. The franc is seen finding resistance around the 1.21 region.

The franc hit near a 4-week high of 114.59 against the yen, off its early low of 113.97. If the franc rises further, 116.00 is likely seen as its next resistance level.

The franc advanced to 0.9530 versus the greenback, its highest since July 27. This may be compared to a low of 0.9578 hit at 11:30 pm ET. On the upside, the franc may target 0.93 as the next resistance level.

The franc reversed from an early 5-day low of 1.1422 against the euro, edging up to 1.1369. Continuation of the franc's uptrend may see it challenging resistance around the 1.10 region.

Data from the European Central Bank showed that Eurozone monetary aggregate rose at a slower pace in July

The M3 broad monetary aggregate climbed 4.5 percent annually, weaker than the 5.0 percent growth logged in June.

Looking ahead, U.S. advance goods trade balance and wholesale inventories for July are due in the New York session.

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