Swiss Franc Slides Amid Risk Appetite
(RTTNews) - The Swiss franc fell against its major counterparts in the European session on Friday amid risk appetite, as investors awaited the release of U.S. jobs data later in the day for further clues on the growth and rate outlook.
Strong earnings reports from Apple and Amazon underpinned risk sentiment.
Economists expect the U.S. economy to have added about 200,000 jobs in July, but job gains could be higher because of the upbeat ADP employment data released earlier this week.
Richmond Federal Reserve President Tom Barkin said on Thursday that the impact of higher interest rates "should start to really hit around now" but easing inflationary pressures could help stave off a widely predicted U.S. recession.
The franc dropped to 1.1155 against the pound and 0.9608 against the euro, off its early highs of 1.1101 and 0.9561, respectively. The next possible support for the franc is seen around 1.13 against the pound and 0.98 against the euro.
The franc weakened to 162.43 against the yen and 0.8782 against the greenback, from an early high of 163.36 and a 2-day high of 0.8730, respectively. The franc may face support around 144.00 against the yen and 0.90 against the greenback.
Looking ahead, U.S. and Canadian jobs data and Canada Ivey PMI for July are set for release in the New York session.
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