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Forex News: Swiss Franc Advances Against Majors

Swiss Franc Advances Against Majors

02/19/2024 - 10:16:00 (RTTNews)

(RTTNews) - The Swiss franc climbed against its most major counterparts in the European session on Monday, as fading chances for early interest rate cuts from the Federal Reserve dampened investor sentiment.

U.S. consumer and producer inflation came in stronger than expected in January, prompting investors to scale back their expectations for rate cuts this year.

The minutes from the Federal Reserve's January policy meeting will be published on Wednesday.

No major data releases are scheduled from the U.S.

U.S. markets are closed in observance of the Presidents' Day holiday.

The franc rebounded to 1.1098 against the pound and 0.9484 against the euro, off its early 4-day lows of 1.1128 and 0.9505, respectively. The franc may find resistance around 1.09 against the pound and 0.93 against the euro.

The franc recovered to 0.8799 against the greenback during European deals. It is likely to locate resistance around the 0.86 level.

In contrast, the franc eased against the yen and was trading at 170.10. This may be compared to a previous 4-day low of 170.05. The franc is seen finding support around the 167.00 level.

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