Swiss Franc Weakens On China Reopening Hopes
29 November 2022 - 11:44AM
RTTF2
The Swiss franc declined against its key counterparts in the
European session on Tuesday, as optimism about a relaxation of
stringent COVID curbs in China lifted investor sentiment.
Beijing said it would boost vaccination for senior citizens amid
discontent over the country's strict zero-Covid policy.
Investors bet on a loosening of the COVID restrictions, as a
Chinese health official remarked that the government would continue
to fine-tune policy to reduce the impact on society.
Authorities in Beijing, Shanghai, and other major cities
suppressed protests that shocked global markets on Monday.
Chinese regulators removed a ban on equity refinancing for
listed firms to support the embattled property sector.
The Swiss franc fell to 0.9545 against the greenback, its lowest
level in a week. The franc is seen finding support around the 0.98
level.
The franc reached as low as 0.9872 against the euro. On the
downside, 1.05 is possibly seen as its next support level.
The franc was down against the yen, at nearly a 3-week low of
145.04. The franc is poised to face support around the 142.00
area.
The franc dropped to a 4-day low of 1.1451 against the pound,
from a 6-day high of 1.1337 it logged at 5:15 pm ET. Near term
support for the franc is seen around the 1.20 level.
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