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Forex News: Swiss Franc Drops On Trade Optimism

Swiss Franc Drops On Trade Optimism

11/15/2019 - 06:23:00 (RTTNews)

(RTTNews) - The Swiss franc depreciated against its major counterparts in the Asian session on Friday, as positive comments from White House economic adviser Larry Kudlow renewed hopes for a phase one deal between the U.S. and China.

Kudlow suggested an imminent breakthrough in trade talks, saying that both countries are getting close to an interim deal.

Kudlow's comments boosted investor sentiment, triggering a fall in the safe-haven franc.

China's commerce ministry said that the two countries are holding "in-depth" discussions on the 'phase one' trade deal, but canceling tariffs is an important condition for reaching an agreement. Beijing said that it would lift a nearly five-year ban on imports of U.S. poultry meat, a move that could lead to more than $1 billion in annual shipments to China.

The currency has been trading lower against its major counterparts in the previous session, except the yen.

Reversing from its early high of 109.84 against the yen, the franc edged down to 109.62. The next possible support for the franc is seen around the 106.00 level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production grew more than initially estimated in September.

Industrial production rose 1.7 percent month-on-month in September.

The franc weakened to a 2-day low of 0.9911 against the greenback, from a high of 0.9878 seen at 5:00 pm ET. If the franc slides further, it may find support around the 1.02 level.

The Swiss currency slipped to 2-day lows of 1.0919 against the euro and 1.2760 against the pound, coming off from its early highs of 1.0885 and 1.2723, respectively. The franc is seen finding support around 1.13 against the euro and 1.31 against the pound.

Looking ahead, Canada existing home sales for October, U.S. business inventories for September, New York Fed's empire manufacturing survey for November, retail sales, industrial production, export and import prices, all for October, will be featured in the New York session.

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