Forex News: Swiss Franc Declines Against Majors

Swiss Franc Declines Against Majors

(RTTNews) - The Swiss franc fell against its major counterparts in the European session on Thursday, as better-than-expected U.S. retail sales data pointed to a soft landing of economy.

U.S. retail sales ticked down in October, but upward revision to September data suggested that consumer resilience is still intact.

Investors await U.S. reports on weekly jobless claims, import and export prices, industrial production and homebuilder confidence due later in the day for clues on the Fed's next policy move.

Meanwhile, the U.S.-China Summit meeting concluded after months of diplomacy.

It was said there were agreements on restarting military-to-military communications and steps to curb fentanyl production.

The franc weakened to 0.8896 against the greenback and 1.1031 against the pound, from an early high of 0.8862 and a 6-day high of 1.0994, respectively. The next possible support for the franc is seen around 0.92 against the greenback and 1.13 against the pound.

The franc dropped to 170.02 against the yen and 0.9652 against the euro, down from an early record high of 170.53 and more than a 2-week high of 0.9619, respectively. The franc is seen finding support around 144.00 against the yen and 0.985 against the euro.

Looking ahead, U.S. weekly jobless claims, export and import prices and industrial production for October and NAHB housing market index for November are due in the New York session.

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