Forex News: Swiss Franc Rises Amid Uncertainty Over Hormuz Reopening

Swiss Franc Rises Amid Uncertainty Over Hormuz Reopening

(RTTNews) - The safe-haven currency, the Swiss franc strengthened against other major currencies in the European session on Friday, as European stock markets traded lower with AI spending worries and Hormuz reopening uncertainty likely to weigh on markets.

After strikes on its southern Najran region, Saudi Arabia plans to continue military operations against Iran-aligned Houthis in support of the internationally recognized Yemeni government, according to The Guardian. Iran's parliament is currently reviewing a draft plan that would forbid US and Israeli ships, penalize hostile countries 20% on cargo, and restrict the corridor until the US boycott is lifted.

With several Fed officials sending hawkish signals, investors also await the monthly U.S. jobs report later in the day for additional clues on the economic and rate outlook.

The Labor Department's closely watched report may show that U.S. employment jumped by 88,000 jobs in July after an increase of 57,000 jobs in June.

The Swiss franc held steady against its major peers in the Asian trading today.

In the European trading now, the Swiss franc rose to 0.9352 against the euro and 1.0915 against the pound, from early lows of 0.9366 and 1.0935, 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 0.8116 and 195.15 from early lows of 0.8129 and 194.78, respectively. The franc may test resistance around 0.80 against the greenback and 201.00 against the yen.

Looking ahead, U.S. and Canada job reports for July, U.S. used car prices for July, Canada Ivey PMI for July, U.S. consumer inflation expectations for July, U.S. Baker Hughes weekly oil rig count data and U.S. consumer credit data for June are slated for release in the New York session.

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