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Forex News: Swiss Franc Lower Ahead Of Central Bank Meetings

Swiss Franc Lower Ahead Of Central Bank Meetings

03/18/2024 - 11:10:00 (RTTNews)

(RTTNews) - The Swiss franc was lower against its major counterparts in the European session on Monday, ahead of monetary policy meetings from major central banks this week.

The Fed is widely expected to hold rates unchanged, but the focus of the markets will be on the accompanying statement for clues about the timing of interest rate cuts.

The Bank of Japan is expected to put an end to its extremely dovish monetary policy at the end of a two-day policy meeting concluding on Tuesday.

The RBA decision is due on Tuesday, and investors expect the bank to leave rates unchanged.

The Swiss National Bank and the Bank of England are also scheduled to make their monetary policy announcements this week.

The franc touched 0.9639 against the euro, its lowest level since November 29. The franc is seen finding support around the 0.98 level.

The franc eased to 1.1271 against the pound and 168.61 against the yen, down from an early 5-day high of 1.1239 and nearly a 2-week high of 169.01, respectively. The currency may locate support around 1.14 against the pound and 162.00 against the yen.

The franc fell to 0.8850 against the greenback, from an early high of 0.8821. If the currency falls further, it is likely to test support around the 0.92 region.

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