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Forex News: Swiss Franc Strengthens On Risk Aversion

Swiss Franc Strengthens On Risk Aversion

12/17/2019 - 08:13:00 (RTTNews)

(RTTNews) - The Swiss franc gained ground against its key counterparts during European trading on Tuesday amid risk aversion, as European shares fell on concerns over a hard Brexit.

Fears over a hard Brexit rekindled after ITV News reported that British Prime Minister Boris Johnson was taking a hard line on Britain's transition period for leaving the European Union.

Johnson could use his huge parliamentary majority to make an amendment to the Withdrawal Agreement to make it illegal for the transition period to be extended beyond December 2020.

The amendment ensures that the so-called transition period will end on December 31, 2020, setting stage for a clash with the EU.

The franc held steady against its major counterparts in the Asian session, except the pound.

The franc rose to more than a 3-month high of 0.9803 versus the greenback and more than an 8-month high of 111.79 against the yen, off its early lows of 0.9844 and 111.33, respectively. If the franc rises further, 0.96 and 114.00 are likely seen as its next resistance levels against the greenback and the yen, respectively.

The franc rebounded to 1.0941 against the euro, from a low of 1.0968 set at 4:45 am ET. The franc may locate resistance around the 1.06 level.

Data from Eurostat showed that the euro area trade surplus increased in October as exports advanced from the previous month amid a fall in imports.

The trade surplus increased to a seasonally adjusted EUR 24.5 billion from EUR 18.7 billion in September.

Extending early rally, the franc strengthened to a 5-day high of 1.2923 against the pound. At yesterday's close, the pair was worth 1.3096. The franc is seen facing resistance around the 1.27 mark.

Data from the Office for National Statistics showed that the UK unemployment rate remained unchanged in three months to October.

The unemployment rate was largely unchanged at 3.8 percent, while the rate was expected to rise marginally to 3.9 percent. The number of people out of work decreased by 93,000 to 1.28 million in the year to October.

Looking ahead, Canada manufacturing sales for October, U.S. housing starts, building permits and industrial production, all for November, are set for release in the New York session.

At 12:30 pm ET, Federal Reserve Bank of Boston President Eric Rosengren will give a speech at the Forecasters Club of New York.

For comments and feedback: contact editorial@rttnews.com

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