Swiss Franc Advances On China Concerns
(RTTNews) - The Swiss franc appreciated against its major counterparts in the European session on Monday amid weakness in European shares, as China's GDP growth was weaker than expected for the second quarter.
China's gross domestic product rose 6.3 percent in the second quarter, missing expectations of 7.3 percent.
On a quarterly basis, GDP was up 0.8 percent, weaker than the 2.2 percent growth in the first quarter. GDP was expected to climb 0.5 percent.
Industrial production came in better than expected, but retail sales were weaker than forecast.
France's CAC 40 fell 1.22 percent, Germany's DAX slipped 0.5 percent and the FTSE 100 was down by 0.4 percent.
The franc rose to 0.8578 against the dollar, 0.9643 against the euro and 161.38 against the yen, from its early lows of 0.8625, 0.9686 and 160.57, respectively. The currency is seen facing resistance around 0.83 against the dollar, 0.95 against the euro and 161.6 against the yen.
The franc was up against the pound, at a 1-1/2-month high of 1.1226. Next near term resistance for the currency is likely seen around the 1.10 level.
Looking ahead, U.S. NY Empire State manufacturing index for July and Canada wholesale sales data for May are due to be released in the New York session.
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