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Swiss Franc Climbs Amid Risk Aversion
(RTTNews) - The Swiss franc advanced against its major counterparts in the European session on Tuesday, as European stocks fell amid growth concerns after data showed China's consumption and investment cooled further in July.
Factory production growth also decelerated, adding to pressure on the economy from multiple fronts.
Earlier in the day, China's central bank unexpectedly cut key policy rates for the second time in three months in its efforts to boost economic recovery.
As concerns over the country's property market worsen, the central bank has opened the door to a potential cut in the country's benchmark lending rate next week.
The franc rose to 166.42 against the yen, setting a record high. The pair had closed yesterday's deals at 165.62.
Against the greenback and the euro, the franc appreciated to a 4-day high of 0.8744 and near a 2-week high of 0.9566, respectively. The currency is seen facing resistance around 0.86 against the greenback and 0.94 against the euro.
The franc recovered to 1.1119 against the pound, reversing from an early 5-day low of 1.1157. On the upside, 1.10 is seen as its next resistance level.
Looking ahead, Canada CPI, U.S. retail sales and import and export prices, all for July, as well as business inventories for June and NAHB housing market index for August will be released in the New York session.
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