Swiss Franc Weakens Against Majors
(RTTNews) - The Swiss franc declined against its major counterparts in the New York session on Monday, as gains in tech stocks lifted Wall Street.
Chip Stocks rose as contract electronics giant Foxconn reported record fourth quarter revenue amid strong AI server demand.
Foxconn is an assembly partner with AI darling and market leader Nvidia (NVDA), which is jumping by 2.6 percent pre-market trading.
Sentiment improved after the Washington Post reported that President-elect Donald Trump may scale back his tariff plans.
After Trump called for "universal" tariffs of as high as 10 or 20 percent on everything imported into the U.S., the Washington Post said his aides are now exploring plans that would apply tariffs to every country but only cover "critical imports."
The franc fell to a 6-day low of 0.9410 against the euro and a 4-day low of 1.1332 against the pound, off its early highs of 0.9360 and 1.1283, respectively. The currency is seen finding support around 0.95 against the euro and 1.15 against the pound.
The franc retreated to 0.9067 against the greenback and 173.23 against the yen, from its early 1-week highs of 0.9008 and 174.50, respectively. The next possible support for the franc is seen around 0.92 against the greenback and 168.00 against the yen.
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