Forex News: Swiss Franc Rises As Iran Crisis Deepens

Swiss Franc Rises As Iran Crisis Deepens

(RTTNews) - The Swiss franc strengthened against other major currencies in the European session on Monday, as European stocks fell sharply to hit a two-month low as investors braced for a prolonged conflict in the Middle East that could send energy costs even higher, risking inflation and regional economic growth.

Brent crude futures last traded up 15 percent at $107 a barrel after surging to a nearly four-year high above $119 a barrel earlier.

Tensions in the Gulf escalated following reports of explosions at Al Udeid Air Base, the largest United States military installation in the Middle East.

Bahrain's state oil company has declared force majeure on its shipments after Iranian strikes in the region set the largest oil facility on fire.

Investors were also reacting to weak economic data from Germany. German industrial production posted an unexpected monthly fall of 0.5 percent in January, following a 1.0 percent decrease in December, Destatis reported. Output was expected to climb 1.0 percent.

At the same time, factory orders plunged 11.1 percent in January, reversing last month's 6.4 percent growth. Economists had forecast a moderate decline of 4.2 percent.

In the European trading today, the Swiss franc rose to a 11-year high of 0.8981 against the euro, from an early low of 0.9014. The franc may test resistance around the 0.88 region.

Against the pound and the yen, the franc advanced to 1-week highs of 1.0372 and 203.72 from early lows of 1.0402 and 202.71, respectively. If the franc extends its uptrend, it is likely to find resistance around 1.02 against the pound and 204.00 against the yen.

The franc edged up to 0.7777 against the U.S. dollar, from an early low of 0.7826. On the upside, 0.76 is seen as the next resistance level for the franc.

Looking ahead, U.S. consumer inflation expectations for February are slated for release in the New York session.

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