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Forex News: Swiss Franc Rises Amid Evergrande, Inflation Worries

Swiss Franc Rises Amid Evergrande, Inflation Worries

10/04/2021 - 06:32:00 (RTTNews)

(RTTNews) - The Swiss franc appreciated against its major rivals in the European session on Monday, as renewed concerns about China Evergrande Group's debt crisis and inflationary pressures dampened risk sentiment.

The shares of China Evergrande and its property management unit were suspended from trading in Hong Kong Stock exchange.

The suspension of trading came after the embattled developer had missed a key interest payment on its offshore bonds in the month of September.

Another Chinese property developer Hopson said that it plans to acquire about 51% stake in Evergrande's property management unit for more than HK$40 billion. Hopson said that it has halted trading of shares in Hong Kong.

Investors fear that the Evergrande debt crisis could derail the Chinese economy and spark sustained contagion.

The Fed's preferred gauge of inflation climbed 3.6% in August from last year, its biggest rise in three decades and matching July's gain, data showed on Friday.

U.S. nonfarm payrolls data due later this week is expected to give more indications about the Fed's thinking of the future course of monetary policy.

The franc edged up to 1.2590 against the pound, after falling to 1.2620 at 3:05 am ET. The franc is poised to locate resistance around the 1.24 level.

The franc recovered to 1.0784 against the euro, from a low of 1.0802 seen at 3:05 am ET. The franc touched 1.0770 against the euro in the previous session, which was its highest level since August 30. On the upside, 1.05 is possibly seen as its next resistance level.

The franc edged up to 0.9286 against the greenback, from Friday's close of 0.9305. The currency may possibly challenge resistance around the 0.91 level.

The franc hit a 4-day high of 119.80 against the yen, up from last week's close of 119.33. If the franc rises further, 122 is seen as its next resistance level.

Looking ahead, Canada building permits and U.S. factory orders for August will be released in the New York session.

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