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Forex News: Swiss Franc Rises After Swiss Inflation Data

Swiss Franc Rises After Swiss Inflation Data

03/04/2024 - 04:51:00 (RTTNews)

(RTTNews) - The Swiss franc strengthened against other major currencies in the pre-European session on Monday, after data showed that the Swiss consumer price inflation weakened less than anticipated in February.

Data from the Federal Statistical Office showed that Swiss consumer price inflation weakened to the lowest level in more than two years in February. Consumer price inflation softened to 1.2 percent in February from 1.3 percent in January. A similar lower rate was last reported in October 2021. However, the rate was slightly above economists' forecast of 1.1 percent.

On a monthly basis, consumer prices posted an increase of 0.6 percent mainly reflecting rising housing rentals and air transport.

Core consumer prices gained 0.7 percent on month, taking the annual growth to 1.1 percent.

In economic news, the Swiss National Bank posted an annual loss of CHF 3.2 billion for 2023.

Meanwhile, the Swiss National Bank Chairman Thomas Jordan announced last week that he would quit at the end of September.

Investors await cues from Federal Reserve Chair Jerome Powell's congressional testimony and the annual meeting of China's top political advisory body.

In the Asian trading today, the Swiss franc held steady against its major rivals.

In the European trading, the Swiss franc rose to 4-day highs of 0.8806 against the U.S. dollar and 170.72 against the yen, from early lows of 0.8839 and 169.74, respectively. If the franc extends its uptrend, it may find resistance around 0.87 against the greenback and 172.00 against the yen.

Against the euro and the pound, the franc edged up to 0.9556 and 1.1162 from early lows of 0.9585 and 1.1188, respectively. The Swiss franc may test resistance around 0.94 against the euro and 1.10 against the pound.

Looking ahead, the behavioral research Sentix is scheduled to issue euro area investor confidence survey results for March at 4:30 am ET.

At 11:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is scheduled to speak on the "Economic Impact of Higher Education" before the 2024 American Council on Education Presidents and Chancellors Summit, Washington D.C., U.S.

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