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Forex News: Swiss Franc Falls On Hopes For China Policy

Swiss Franc Falls On Hopes For China Policy Easing

11/11/2021 - 07:59:00 (RTTNews)

(RTTNews) - The Swiss franc weakened against its major counterparts in the European session on Thursday, as European shares rose after China Evergrande Group averted a default and on hopes for possible relaxation of property curbs by Beijing.

Evergrande made payments on dollar bonds, easing worries over a debt default that could spark contagion in the property sector.

The embattled developer had a total of more than $148 million in interest payments on three US-dollar bonds due last month.

China State Media reported that regulators are considering to ease rules to help struggling developers sell debt in the domestic interbank market.

Investors believe that the potential relaxation could give some relief for developers hurt by financial troubles.

The franc fell to 123.72 against the yen and 1.2345 against the pound, off its early highs of 124.24 and 1.2292, respectively. The franc is seen finding support around 120.00 against the yen and 1.26 against the pound.

The franc touched more than a 2-week low of 0.9212 against the greenback, from a high of 0.9166 seen at 5 pm ET. The currency is likely to face support around the 0.94 region, if it falls again.

The franc retreated from a 6-day high of 1.0532 against the euro, with the pair trading at 1.0563. The franc may challenge support around the 1.08 area.

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