Swiss Franc Rises Amid Evergrande, Inflation Worries
04 Oktober 2021 - 8:32AM
RTTF2
The Swiss franc appreciated against its major rivals in the
European session on Monday, as renewed concerns about China
Evergrande Group's debt crisis and inflationary pressures dampened
risk sentiment.
The shares of China Evergrande and its property management unit
were suspended from trading in Hong Kong Stock exchange.
The suspension of trading came after the embattled developer had
missed a key interest payment on its offshore bonds in the month of
September.
Another Chinese property developer Hopson said that it plans to
acquire about 51% stake in Evergrande's property management unit
for more than HK$40 billion. Hopson said that it has halted trading
of shares in Hong Kong.
Investors fear that the Evergrande debt crisis could derail the
Chinese economy and spark sustained contagion.
The Fed's preferred gauge of inflation climbed 3.6% in August
from last year, its biggest rise in three decades and matching
July's gain, data showed on Friday.
U.S. nonfarm payrolls data due later this week is expected to
give more indications about the Fed's thinking of the future course
of monetary policy.
The franc edged up to 1.2590 against the pound, after falling to
1.2620 at 3:05 am ET. The franc is poised to locate resistance
around the 1.24 level.
The franc recovered to 1.0784 against the euro, from a low of
1.0802 seen at 3:05 am ET. The franc touched 1.0770 against the
euro in the previous session, which was its highest level since
August 30. On the upside, 1.05 is possibly seen as its next
resistance level.
The franc edged up to 0.9286 against the greenback, from
Friday's close of 0.9305. The currency may possibly challenge
resistance around the 0.91 level.
The franc hit a 4-day high of 119.80 against the yen, up from
last week's close of 119.33. If the franc rises further, 122 is
seen as its next resistance level.
Looking ahead, Canada building permits and U.S. factory orders
for August will be released in the New York session.
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