Swiss Franc Slides As Swiss Inflation Slows
04 Julho 2024 - 2:04AM
RTTF2
The Swiss franc weakened against other major currencies in the
European session on Thursday, as Switzerland's consumer price
inflation eased unexpectedly in June.
Data from the Federal Statistical Office showed that the
consumer price index rose 1.3 percent on a yearly basis, following
May's stable increase of 1.4 percent. Meanwhile, economists had
expected the inflation rate to remain stable at 1.4 percent.
On a monthly basis, consumer prices remained flat in June after
rising 0.3 percent in May. Prices were expected to increase by 0.1
percent.
Core consumer prices dropped 0.1 over the month, taking the
annual inflation to 1.1 percent in June from 1.2 percent in
May.
European stock markets traded higher, as the U.K. elects its
next Parliament, with investors waiting to see just how large a
majority the Labour Party might get.
Elsewhere in France, a shaky coalition is emerging to block
France's far right from power as the second round of early general
elections approaches.
Scores of candidates opposed to France's far-right National
Rally (RN) party bowed out of Sunday's second round of voting after
the RN garnered the most votes in the first round.
U.S. ISM PMI's, rising jobless claims and signs of slowdown in
private-sector employment helped raise bets the Federal Reserve
could move as soon as September to begin lowering borrowing
costs.
All eyes now remain on Friday's closely watched monthly U.S.
jobs report, which may shed light on how much the economy has
slowed in 2024.
The Swiss franc held steady against its major rivals in the
Asian trading today.
In the European trading now, the Swiss franc fell to a 1-month
low of 0.9756 against the euro and more than a 1-month low of
1.1524 against the pound, from early highs of 0.9711 and 1.1474,
respectively. If the franc extends its downtrend, it is likely to
find support around 0.99 against the euro and 1.17 against the
pound.
Against the U.S. dollar and the yen, the franc edged down to
0.9040 and 178.57 from early highs of 0.9000 and 179.42,
respectively. The franc may test support near 0.92 against the
greenback and 174.00 against the yen.
Looking ahead, Canada services PMI for June is slated for
release in the New York session.
U.S. markets will be closed in observance of the Independence
Day holiday.
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