Swiss Franc Drops Amid Risk Appetite
16 Settembre 2021 - 9:00AM
RTTF2
The Swiss franc weakened against its major opponents in the
European session on Thursday amid risk appetite, as investors await
U.S. retail sales data for more clues on stimulus outlook.
Retail sales are forecast to decline 0.8 percent on month in
August, following a 1.1 percent drop in July.
A weak data could back hopes for a delay in tapering of the
Fed's bond buying program.
The Fed meeting is in focus as markets seek clues on the central
bank's next policy moves amid weak data and virus concerns.
The United Nations said that the global economy is expected to
grow at the fastest in nearly five decades this year.
The report highlighted a "possibility of a renewal of
multilateralism", pointing to the United States support of a new
special drawing rights allocation, global minimum corporate
taxation, and a waiver of vaccine-related intellectual property
rights.
The franc slipped to 0.9246 against the greenback, its lowest
level since July 8. Against the yen, it touched nearly a 5-month
low of 118.28. The currency is likely to find support around 0.95
against the greenback and 114.00 against the yen.
The franc depreciated to 2-day lows of 1.0880 versus the euro
and 1.2781 versus the pound, off its early highs of 1.0853 and
1.2707, respectively. If the franc slides further, 1.10 and 1.30
are possibly seen as its next support levels versus the euro and
the pound, respectively.
Looking ahead, U.S. retail sales for August, business
inventories data for July and weekly jobless claims for the week
ended September 11 will be featured in the New York session.
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