Swiss Franc Weakens Against Most Majors
2024-12-09
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(fxcue news) - The Swiss franc declined against its most major counterparts in the New York session on Monday, as investors awaited an expected interest rate cut by the Federal Reserve later this week.
The Fed is expected to lower interest rates by 25 basis points when it concludes its meeting on Wednesday.
U.S. reports on retail sales, GDP, PCE, existing home sales and consumer sentiment are also scheduled this week.
The Fed is likely to signal that rate cuts will continue, although there is uncertainty about easing path through 2025.
Data from the Federal Statistical Office said the producer and import prices in Switzerland dropped by 0.6 percent month-on-month in November, declining for the third straight month, following a 0.3 percent drop in September.
Producer and import prices decreased by 1.5 percent year-on-year in November, easing from a 1.8 percent drop in the previous month.
The franc fell to more than a 3-week low of 0.8948 against the greenback and a 4-day low of 1.1349 against the pound, from an early 4-day high of 0.8898 and a 5-day high of 1.1251, respectively. The currency is seen finding support around 0.91 against the greenback and 1.16 against the pound.
The franc touched 0.9399 against the euro, its lowest level since November 8. The next possible support for the franc is seen around the 0.95 level.
In contrast, the franc rose to a 4-day high of 172.89 against the yen. Immediate resistance for the currency is seen around the 174.00 level.
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