Swiss Franc Falls Amid SNB Fx Intervention Signals
(RTTNews) - The Swiss franc weakened against other major currencies in the European session on Thursday, as the Swiss central bank has indicated a stronger willingness to intervene against excessive franc strength.
Investors are focusing on the release of the Swiss ZEW Survey and the U.S. PCE inflation report. The Swiss National Bank or the SNB indicates that it is prepared to step in, putting pressure on the Swiss franc.
Meanwhile, European stocks traded lower after the U.S. conducted fresh self-defense strikes in southern Iran and Tehran also targeted strikes on a U.S. air base, driving up global oil prices and reviving inflation concerns.
In the European trading today, the Swiss franc fell to an 8-day low of 0.9170 against the euro, a 1-week low of 0.7900 against the U.S. dollar and a 6-day low of 202.57 against the yen, from early highs of 0.9145, 0.7874 and 201.85, respectively. If the pound extends its downtrend, it is likely to find support around 0.92 against the euro, 0.80 against the greenback and 203.00 against the yen.
Against the pound, the franc edged down to 1.0578 from an early high of 1.0557. The franc may test support near the 1.03 region.
Looking ahead, Canada current account data for the first quarter and average weekly earnings for March, U.S. building permits for April, durable goods orders for April, GDP data for the first quarter, personal income and spending reports for April, weekly jobless claims data, new home sales for April and U.S. core PCE price index for April are slated for release in the New York session.
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