Swiss Franc Declines Against Majors
2024-10-08
2911
(fxcue news) - The Swiss franc fell against its major counterparts in the New York session on Monday, as U.S. stocks rose amid optimism about the outlook for interest rates following last Friday's report on producer price inflation.
The Labor Department report showed producer prices were unexpectedly unchanged in September, while the annual rate price growth slowed modestly.
While hopes the Federal Reserve will lower rates by another 50 basis points next month have largely evaporated, the data reinforced optimism the central bank will cut rates by 25 basis points.
Data from the Federal Statistical Office showed that Switzerland's producer and import prices continued to decline in September.
Producer and import prices dropped 1.3 percent year-on-year in September, slightly faster than the 1.2 percent decline in August. Prices have been falling since May 2023.
The producer price index dropped 0.2 percent annually in September, and import prices registered a decrease of 3.5 percent.
The franc dropped to 1-week lows of 1.1276 against the pound and 0.9427 against the euro, off its early highs of 1.1194 and 0.9370, respectively. The currency is seen finding support around 1.14 against the pound and 0.98 against the euro.
The franc touched near a 2-month low of 0.8641 against the greenback. The currency may challenge support around the 0.89 level.
The franc reached as low as 173.42 against the yen. If the currency falls further, it is likely to test support around the 167.00 region.
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