Swiss Franc Rises Amid Risk Aversion
26 März 2015 - 12:15PM
RTTF2
The Swiss franc strengthened against the other major currencies
in the European session on Thursday, as weak U.S. data and a
deepening political crisis in Yemen sapped investors' appetite for
riskier assets.
The U.K.'s FTSE 100 index is currently down 1.36 percent or
94.94 points at 6,896, France's CAC 40 index is down 0.73 percent
or 36.62 points at 4,984 and Germany's DAX is down 1.98 percent or
234.44 points at 11,630.
Data from the Commerce Department showed Wednesday that U.S.
durable goods orders fell by 1.4 percent in February following a
downwardly revised 2.0 percent increase in January. Economists had
expected orders to climb by 0.7 percent compared to the 2.8 percent
jump that had been reported for the previous month.
Saudi Arabia and its allies began airstrikes against Houthi
fighters who have tightened their grip on the nearby port city of
Aden, where the country's president Abdu Rabu Mansour Hadi had
taken refuge.
Saudi ambassador in the US, Adel al-Jubeir said the military
action was aimed to defend the "legitimate government" of President
Abd rabbu Mansour Hadi, who has taken refuge in the southern port
city of Aden.
In Asian deals, the Swiss franc held steady against its major
rivals.
In the European session today, the Swiss franc rose to nearly a
4-week high of 0.9489 against the U.S. dollar and a 2-day high of
1.4210 against the pound, from early lows of 0.9605 and 1.4293,
respectively. If the Swiss franc extends its uptrend, it is likely
to find resistance around 0.93 against the greenback and 1.40
against the pound.
Moving away from an early 2-day low of 123.63 against the yen,
the Swiss franc edged up to 124.74. On the upside, 127.50 is seen
as the next resistance elevel for the Swiss franc.
Against the euro, the Swiss franc edged up to 1.0476 from an
early low of 1.0542. The Swiss franc may test resistance near the
1.03 region.
Looking ahead, U.S. weekly jobless claims for the week ended
March 21 and Markit's U.S. PMI reports for March are slated for
release in the New York session.
At 9:00 am ET, U.S. Federal Reserve Bank of Atlanta President
Dennis Lockhart will deliver a speech about the economic outlook
and monetary policy at the Engage International Investment
Education Symposium, in Detroit.
Subsequently, European Central Bank president Mario Draghi will
address the Italian parliament's finance and EU policy committees
in Rome at 9:15 am ET. After 15 minutes, Bank of Canada Governor
Stephen Poloz is expected to speak at the Canada-UK Chamber of
Commerce, in London.
At 1:30 pm ET, Bank of England Governor Mark Carney will hold a
press conference about his role as Chair of the Financial Stability
Board, in Frankfurt. After half-an-hour, Swiss National Bank member
Fritz Zurbrugg will deliver a speech about monetary policy after
the cap at the Money Market Event in Zurich.
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