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Forex News: Swiss Franc Slides As Swiss Retail Sales Unexpectedly

Swiss Franc Slides As Swiss Retail Sales Unexpectedly Fall

04/02/2024 - 06:55:00 (RTTNews)

(RTTNews) - The Swiss franc weakened against other major currencies in the European session on Tuesday, after data showed that Switzerland's retail sales decreased unexpectedly in February after recovering in the previous month.

Data from the Federal Statistical Office showed that the retail sales adjusted for sales days and holidays fell a working-day adjusted 0.2 percent year-on-year in February, reversing a 0.3 percent rise in January. Meanwhile, economists had expected a 0.4 percent increase.

On a monthly basis, retail sales dropped a seasonally adjusted 0.4 percent in February versus a 0.7 percent increase a month ago.

In nominal terms, retail sales fell 0.4 percent annually and declined 0.2 percent monthly in February.

Also, the European stocks traded slightly higher as strong U.S. manufacturing data helped lift mining and energy stocks.

Investors shrugged off the results of a survey showing that Eurozone factory downturn deepened again in March.

Inflation fell in six economically important German states in March, preliminary data showed ahead of key German inflation figures due alter in the day.

Elsewhere, British manufacturers reported their first overall growth in activity in 20 months in March on the back of recovering demand in their home market.

The Swiss franc was trading slightly lower against its major rivals in the Asian session today.

In the European trading now, the Swiss franc fell to a 5-month low of 0.9090 against the U.S. dollar and a 6-day low of 166.81 against the yen, from early highs of 0.9050 and 167.62, respectively. If the franc extends its downtrend, it is likely to find support around 0.92 against the greenback and 165.00 against the yen.

Against the euro and the pound, the franc slipped to 5-day lows of 0.9757 and 1.1418 from early highs of 0.9716 and 1.1355, respectively. The franc may test support near 0.98 against the euro and 1.15 against the pound.

Looking ahead, Destatis is set to release Germany's flash inflation figures for March at 8:00 am ET. Economists forecast consumer price inflation to ease to 2.2 percent from 2.5 percent in February.

In the New York session, U.S. factory orders for February is slated for release.

At 10:10 am ET, Federal Reserve Board Governor Michelle Bowman will speak virtually on "Bank Mergers and Acquisitions, and De Novo Bank Formation: Implications for the Future of the Banking System" before the Workshop on the Future of Banking hosted by the Federal Reserve Bank of Kansas City, in Washington D.C., U.S.

At 12:00 pm ET, Federal Reserve Bank of New York President John Williams will moderate a discussion with Jeremy Siegel, professor of finance at the Wharton School of the University of Pennsylvania, before the Economic Club of New York, in New York, U.S.

Five minutes later, Federal Reserve Bank of Cleveland President Loretta Mester speaks on the economic outlook before the Cleveland Association for Business Economics and Team NEO Luncheon, in Cleveland, U.S.

At 1:30 pm ET, Federal Reserve Bank of San Francisco President Mary Daly will participate in hybrid fireside chat in partnership with the Henderson Chamber of Commerce, Latin Chamber of Commerce Nevada, and Vegas Chamber of Commerce, in Las Vegas, in U.S.

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