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Swiss Franc Slides As European Shares Traded Higher
(RTTNews) - The Swiss franc weakened against other major currencies in the European session on Monday, as the European stocks traded higher heading into a holiday-shortened week.
It will be a pretty quiet week due to the upcoming Boxing Day and Christmas Day holidays.
Nonetheless, fund managers may engage in some year-end window-dressing to show case good performance to their investors or shareholders.
A benign U.S. inflation reading on U.S. inflation helped revive investor hopes for further policy easing by the Federal Reserve in 2025.
Chicago Fed President Austan Goolsbee told CNBC's Steve Liesman he is hopeful the data suggests "the couple of months of firming were more of a bump than a change in path."
Sentiment was also underpinned by the U.S. Senate approval of the funding bill early Saturday, narrowly avoiding a government shutdown.
In the European trading today, the Swiss franc fell to a 4-day low of 0.9331 against the euro, from an early high of 0.9311. The franc may test support near the 0.94 region.
Against the pound, the U.S. dollar and the yen, the franc edged down to 1.1252, 0.8928 and 175.46 from early highs of 1.1225, 0.8928 and 175.46, respectively. If the franc extends its downtrend, it is likely to find support around 1.13 against the pound, 0.90 against the greenback and 171.00 against the yen.
Looking ahead, Canada Oct GDP, PPI, mannufacturing sales and raw materials prices, all for November, U.S. Chicago Fed National Activity index for November and U.S. Consumer Board's consumer confidence for December, are slated for release in the New York session.
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