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Forex News: Swiss Franc Slides As Swiss Inflation Slows

Swiss Franc Slides As Swiss Inflation Slows

07/04/2024 - 05:04:00 (RTTNews)

(RTTNews) - The Swiss franc weakened against other major currencies in the European session on Thursday, as Switzerland's consumer price inflation eased unexpectedly in June.

Data from the Federal Statistical Office showed that the consumer price index rose 1.3 percent on a yearly basis, following May's stable increase of 1.4 percent. Meanwhile, economists had expected the inflation rate to remain stable at 1.4 percent.

On a monthly basis, consumer prices remained flat in June after rising 0.3 percent in May. Prices were expected to increase by 0.1 percent.

Core consumer prices dropped 0.1 over the month, taking the annual inflation to 1.1 percent in June from 1.2 percent in May.

European stock markets traded higher, as the U.K. elects its next Parliament, with investors waiting to see just how large a majority the Labour Party might get.

Elsewhere in France, a shaky coalition is emerging to block France's far right from power as the second round of early general elections approaches.

Scores of candidates opposed to France's far-right National Rally (RN) party bowed out of Sunday's second round of voting after the RN garnered the most votes in the first round.

U.S. ISM PMI's, rising jobless claims and signs of slowdown in private-sector employment helped raise bets the Federal Reserve could move as soon as September to begin lowering borrowing costs.

All eyes now remain on Friday's closely watched monthly U.S. jobs report, which may shed light on how much the economy has slowed in 2024.

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

In the European trading now, the Swiss franc fell to a 1-month low of 0.9756 against the euro and more than a 1-month low of 1.1524 against the pound, from early highs of 0.9711 and 1.1474, respectively. If the franc extends its downtrend, it is likely to find support around 0.99 against the euro and 1.17 against the pound.

Against the U.S. dollar and the yen, the franc edged down to 0.9040 and 178.57 from early highs of 0.9000 and 179.42, respectively. The franc may test support near 0.92 against the greenback and 174.00 against the yen.

Looking ahead, Canada services PMI for June is slated for release in the New York session.

U.S. markets will be closed in observance of the Independence Day holiday.

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