Swiss Franc Appreciates On Recession Worries
(RTTNews) - The Swiss franc climbed against its major rivals in the European session on Tuesday amid risk aversion, as investors fear that aggressive monetary policy tightening by central banks may fuel a global recession.
U.S. treasury yields continued to move higher on expectations of further rate rises from the Fed.
The Bank of England expanded its emergency bond purchase program to include inflation-linked debt to restore orderly market conditions.
Investors focus on the U.S. inflation data due later this week for more clues on the Fed's monetary policy outlook.
The leaders of the G7 group of nations will hold a virtual meeting today to discuss offering further support to Ukraine after Moscow launched retaliatory missile strikes that killed 19 people.
The franc advanced to 0.9946 against the greenback and 146.34 against the yen, off its early near a 4-month low of 1.0021 and an 8-day low of 145.44, respectively. The currency may challenge resistance around 0.95 against the greenback and 150.00 against the yen.
The franc firmed to 0.9671 against the euro and 1.1008 against the pound, up from an early low of 0.9715 and a 4-day low of 1.1082, respectively. The franc is likely to find upside target levels of around 0.94 against the euro and 1.05 against the pound.
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