Forex News: Swiss Franc Rises Amid Risk-Off Mood

Swiss Franc Rises Amid Risk-Off Mood

(RTTNews) - The safe-haven Swiss franc strengthened against other major currencies in the European session on Monday, as European stock markets traded lower after reports suggested the European Union is gearing up to impose retaliatory tariffs on the United States.

It is feared that U.S. President Trump's proposed massive tariffs and retaliatory actions against the U.S. tariffs could potentially lead to a global economic recession in 2025.

The European Union is likely to join Canada and China against Trump's tariffs. "We will react in areas where it hurts the United States," a senior EU official said.

As per Reuters, countries like Japan, Mexico, South Korea, and India are seeking concessions from the U.S. rather than retaliating.

The safe-haven franc held steady against its major rivals in the Asian session today.

In the European trading today, the Swiss franc rose to nearly a 3-1/2-month high of 0.9314 against the euro and an 8-month high of 1.0901 against the pound, from early lows of 0.9390 and 1.1045, respectively. If the franc extends its uptrend, it is likely to find resistance around 0.91 against the euro and 1.07 against the pound.

Against the U.S. dollar and the yen, the franc advanced to more than a 6-month high of 0.8452 and nearly a 2-month high of 172.10 from early lows of 0.8584 and 170.41, respectively. The franc may test resistance around 0.83 against the greenback and 177.00 against the yen.

Looking ahead, U.S. Consumer Credit Change for February, U.S. Consumer Board's Employment Trends Index for March and Canada Leading Index for March are due to be released in the New York session.

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