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Forex News: Swiss Franc Weakens Amid Risk Appetite

Swiss Franc Weakens Amid Risk Appetite

11/17/2017 - 02:47:00 (RTTNews)

(RTTNews) - The Swiss franc dropped against its major rivals in late Asian deals on Friday amid risk appetite, as strong U.S. earnings and House Republicans' approval of the tax reform bill reduced the demand for safe-haven assets.

It is a "big win", U.S. President Donald Trump tweeted after the GOP plan for tax reform overhaul cleared the House Thursday in a sweeping victory for the Republican leadership.

The tax debate now moves to the Senate, which looks to pass its own tax reform bill and send a final version to the president's desk before the end of the year.

Better than expected quarterly results from Wal-Mart and Cisco Systems also buoyed sentiment.

The franc weakened on Thursday, as global stocks rose and investors awaited the House of Representatives' vote on the Republican tax reform legislation.

The franc weakened to 1.1722 against the euro, its lowest since January 2015. The next possible support for the franc is seen around the 1.19 region.

The franc fell back to 1.3138 against the pound, on track to pierce its early weekly low of 1.3142. Continuation of the franc's downtrend may see it challenging support around the 1.32 area.

The franc dropped to 113.35 against the yen, its lowest since November 9. If the franc weakens further, 111.00 is likely seen as its next support level.

The franc pared gains to 0.9930 against the greenback, from an early high of 0.9903. On the downside, 1.02 is possibly seen as the next support for the franc.

Looking ahead, Eurozone current account and construction output for September are due in the European session.

At 8:00 am ET, Deutsche Bundesbank President Jens Weidmann speaks at the Frankfurt European Banking Congress.

In the New York session, Canada CPI, U.S. housing starts and building permits for October are due.

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