Swiss Franc Advances On Risk Aversion
17 April 2015 - 9:46PM
RTTF2
The Swiss franc drifted higher against the other major
currencies in European deals on Friday, as European stocks fell on
concerns that Greece is moving closer to debt default, as its talks
with EU creditors showed no apparent progress.
Speaking on the sidelines of the IMF spring meetings, the
International Monetary Fund Chief Christine Lagarde ruled out
giving the country any leeway on 1 billion euros of debt repayments
due by early May.
Speaking in Brussels, a European Commission spokesman said that
the EU leaders are not satisfied with the level of progress over
Greece talks, as it has not yet produced the full list of reforms
demanded by them last month.
In economic front, Swiss retail sales declined for a second
straight month in February, marking its biggest annual fall on
record, data from the Federal Statistical Office showed.
Retail sales dropped an adjusted 2.7 percent year-on-year
following a 0.5 percent drop in January. In December, sales grew
1.8 percent from a year ago. The latest fall was the biggest since
the series began in 2003.
The franc was lower against the euro, yen and the pound in the
previous session. Meanwhile, it held steady against the
greenback.
The franc hit a 2-week high of 0.9493 against the greenback and
a 10-day high of 124.93 against the yen, off early lows of 0.9583
and 124.11, respectively. If the franc extends rise, it may find
resistance around 0.92 against the greenback and 126.00 versus the
yen.
The franc reversed from early lows of 1.0326 against the euro
and 1.4340 against the pound, and rebounded to 1.0275 and 1.4274,
respectively. The next possible resistance for the franc may be
eyed around 1.00 against the euro and 1.40 against the pound.
Looking ahead, U.S. consumer prices and leading indicators for
March and Reuters/University of Michigan's preliminary consumer
sentiment index for April are due in the New York session.
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