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Swiss Franc Climbs As Focus Shifts To Central Bank Meetings
(RTTNews) - The Swiss franc was higher against its major rivals in the European session on Friday, as investors geared up for a slew of central bank policy meetings due next week.
A weakness in the dollar ahead of the next week's Federal Reserve monetary policy meeting and the inflation data could be attributed to the currency's strength.
The Fed is expected to slow down its rate hike to 50 basis points at the meeting to be held on December 13-14.
U.S. producer inflation data for November due later in the day could offer more clues about the health of the economy.
Economists expect the PPI to rise to 7.2 percent year-on-year, following a 8 percent increase in the previous month.
The franc jumped to 0.9325 against the greenback, its highest level since April 14. If the franc rises further, it may locate resistance around the 0.89 level.
The franc was higher against the pound and the euro, at 2-day highs of 1.1425 and 0.9855, respectively. The franc is seen finding resistance around 1.11 against the pound and 0.96 against the euro.
The CHF/JPY pair hovered at a 2-day high of 146.21. The currency is likely to challenge resistance around the 149.5 level.
Looking ahead, U.S. PPI for November and University of Michigan's preliminary consumer sentiment index for December are due in the New York session.
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