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Forex News: Swiss Franc Climbs As Weak Eurozone Data Dampens

Swiss Franc Climbs As Weak Eurozone Data Dampens Sentiment

12/05/2022 - 08:19:00 (RTTNews)

(RTTNews) - The Swiss franc firmed against its major counterparts in the European session on Monday amid safe-haven status, as Eurozone business activity contracted for a fifth successive month in November, intensifying fears of a recession in the currency bloc.

Final data from S&P Global showed that the composite output index came in at 47.8, in line with expectations.

The services PMI dropped to a 21-month low of 48.5 from 48.6 a month ago. The index was forecast to fall to 48.6.

Investors focus on U.S. factory orders data and ISM non-manufacturing PMI due later today for more direction.

Better-than-expected non-farm payrolls data released last week triggered uncertainty about the outlook for interest rates.

The Swiss currency was up against the yen, at a 4-day high of 144.98. If the franc rises further, 146.00 is likely seen as its next resistance level.

The franc edged up to 1.1451 against the pound and 0.9851 against the euro, after falling to a 5-week low of 1.1539 and near a 4-week low of 0.9893, respectively in prior deals. The franc is likely to face resistance around 1.12 against the pound and 0.96 against the euro.

The franc rose to 0.9331 against the greenback, off its prior low of 0.9382. On the upside, 0.92 is possibly seen as its next resistance level.

Looking ahead, U.S. factory orders for October and ISM non-manufacturing PMI for November, as well as Canada building permits for October will be released in the New York session.

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