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Forex News: Swiss Franc Slides Amid Risk Appetite

Swiss Franc Slides Amid Risk Appetite

04/27/2020 - 09:11:00 (RTTNews)

(RTTNews) - The Swiss franc moved down against its major counterparts in the European session on Monday, as several countries considered to relax some of the lockdown measures intended to curb the spread of the coronavirus.

Italy and Spain announced plans to ease restrictions on Sunday in a bid to restart their economy.

Italian Prime Minister Giuseppe Conte said that "strategic" businesses could restart as early as next week by taking strict safety measures.

Investors looked ahead to a slew of central bank meetings this week amid expectations for more stimulus measures.

The U.S. Federal Reserve ends its two-day meeting on Wednesday, while the European Central Bank meets on Thursday.

The Bank of Japan abandoned the ceiling on its purchases of Japanese government bonds, pledging unlimited bond-buying to keep borrowing costs low.

The Swiss franc fell to a 2-week low of 1.0564 against the euro from last week's closing value of 1.0523. The franc is seen finding support around the 1.09 region.

The Swiss franc depreciated to 1.2119 against the pound, its weakest level since April 15. Next key support for the franc is likely seen around the 1.33 level.

The Swiss franc retreated to 0.9749 against the greenback, from a 4-day high of 0.9712 seen at 2:15 am ET. The franc is likely to find support around the 1.00 level.

The Swiss franc eased to 109.93 against the yen, after rallying to a 4-day high of 110.58 at 5:00 pm ET. On the downside, 107.00 is possibly seen as the next support level for the franc.

The Bank of Japan expanded its monetary stimulus for the second straight month to support economic and financial activities amid covid-19.

The board voted 8-1 to retain the interest rate at -0.1 percent on current accounts that financial institutions maintain at the central bank. The bank will purchase Japanese government bonds without setting an upper limit so that the 10-year JGB yields will remain at around zero percent.

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