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Forex News: Swiss Franc Declines Amid Risk Appetite

Swiss Franc Declines Amid Risk Appetite

04/27/2023 - 06:30:00 (RTTNews)

(RTTNews) - The Swiss franc was lower against its major counterparts in the European session on Thursday, as a string of strong tech earnings offset lingering concerns about the U.S. banking sector.

Facebook parent company Meta posted better-than-expected earnings for the first quarter and issued a strong outlook for the second quarter.

Investors await a preliminary reading on first quarter U.S. GDP along with reports on weekly jobless claims and pending home sales later today for more direction.

PCE inflation data due on Friday could offer hints on when the Federal Reserve might consider pausing interest rate rises.

In another development, the U.S. House of Representatives on Wednesday approved a bill to raise the government's debt ceiling, but it is unlikely to be passed in the Senate. The franc was down against the dollar, at a 6-day low of 0.8930. The franc is seen finding support around the 0.91 level.

The franc fell to 149.70 against the yen, from an early high of 150.23. If the currency slides again, it may find support around the area.

The franc depreciated to a fresh 2-week low of 0.9866 against the euro and a 1-week low of 1.1134 against the pound, off its early highs of 0.9823 and 1.1093, respectively. The next possible support for the franc is seen around 1.00 against the euro and 1.15 against the pound.

Looking ahead, U.S. pending home sales for March, weekly jobless claims for the week ended April 22 and GDP data for the first quarter will be released in the New York session.

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