Swiss Franc Advances On Risk Aversion
(RTTNews) - The Swiss franc climbed against its most major counterparts in the European session on Friday, as caution prevailed ahead of U.S. monthly employment report for November, due out later in the day.
Economists expect employment to jump by 200,000 jobs in November after an increase of 261,000 jobs in October. The jobless rate is expected to hold at 3.7 percent.
Investors digested a mixed batch of U.S. economic data released on Thursday. While U.S. manufacturing activity shrank for the first time in 2-1/2 years in November, consumers' incomes and expenditures increased in October and first-time unemployment benefits declined last week.
New York Fed President John Williams said that the central bank has a ways to go on rate hikes and he is not sure whether inflation has peaked.
Media reports suggested that the European Union is nearing towards a deal to implement a price cap on Russian crude oil at $60 per barrel.
The franc touched 0.9340 against the greenback, its highest level in nearly eight months. If the franc rises further, 0.90 is possibly seen as its next resistance level.
The franc rose to 1.1449 against the pound and 0.9838 against the euro, off its early lows of 1.1493 and 0.9869, respectively. The franc is likely to challenge resistance around 1.13 against the pound and 0.97 against the euro.
The franc was down against the yen, at nearly a 3-month low of 143.11. The franc is poised to face support around the 140.00 area.
Looking ahead, Eurozone PPI for October is due in the European session.
U.S. and Canadian jobs data for November will be published in the New York session.
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