Swiss Franc Weakens Amid Risk Appetite
13 Setembro 2021 - 05:11AM
RTTF2
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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