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Forex News: Swiss Franc Weakens Amid Risk Appetite

Swiss Franc Weakens Amid Risk Appetite

09/13/2021 - 08:11:00 (RTTNews)

(RTTNews) - The Swiss franc fell against its major rivals in the European session on Monday amid risk appetite, as investors focused on the global growth prospects, ignoring inflationary pressures.

U.S. consumer inflation is due on Tuesday, which could influence the expectations about the possible timing of a pullback in stimulus measures.

Inflation is expected to rise 0.4 percent on month in August, slightly down from July's 0.5 percent gain.

President Joe Biden's $3.5 trillion spending plan faces troubles in the U.S. Senate, with Sen. Joe Manchin intensifying opposition to support the plan.

Manchin said that the cost of the bill should be reduced to around $1 trillion to $1.5 trillion to win his backing in the chamber.

The Swiss franc weakened to 0.9241 against the greenback, its lowest level since August 11. The franc is likely to challenge support around the 0.95 mark.

The Swiss franc depreciated to a 4-day low of 1.0881 against the euro, while touching 1.2773 versus the pound, which was its weakest level since August 12. The franc is seen facing support around 1.10 against the euro and 1.30 against the pound.

The franc reached as low as 119.14 against the yen, setting nearly a 2-month low. On the downside, 116 is possibly seen as the next support level for the currency.

Data from the Bank of Japan showed that Japan producer prices were flat on month in August - shy of expectations for an increase of 0.2 percent and down from 1.1 percent in July.

On a yearly basis, producer prices gained 5.5 percent - beneath forecasts for a gain of 5.6 percent, which would have been unchanged from the previous month.

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