Swiss Franc Slides As Swiss Retail Sales Unexpectedly Fall
02 4월 2024 - 3:55PM
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The Swiss franc weakened against other major currencies in the
European session on Tuesday, after data showed that Switzerland's
retail sales decreased unexpectedly in February after recovering in
the previous month.
Data from the Federal Statistical Office showed that the retail
sales adjusted for sales days and holidays fell a working-day
adjusted 0.2 percent year-on-year in February, reversing a 0.3
percent rise in January. Meanwhile, economists had expected a 0.4
percent increase.
On a monthly basis, retail sales dropped a seasonally adjusted
0.4 percent in February versus a 0.7 percent increase a month
ago.
In nominal terms, retail sales fell 0.4 percent annually and
declined 0.2 percent monthly in February.
Also, the European stocks traded slightly higher as strong U.S.
manufacturing data helped lift mining and energy stocks.
Investors shrugged off the results of a survey showing that
Eurozone factory downturn deepened again in March.
Inflation fell in six economically important German states in
March, preliminary data showed ahead of key German inflation
figures due alter in the day.
Elsewhere, British manufacturers reported their first overall
growth in activity in 20 months in March on the back of recovering
demand in their home market.
The Swiss franc was trading slightly lower against its major
rivals in the Asian session today.
In the European trading now, the Swiss franc fell to a 5-month
low of 0.9090 against the U.S. dollar and a 6-day low of 166.81
against the yen, from early highs of 0.9050 and 167.62,
respectively. If the franc extends its downtrend, it is likely to
find support around 0.92 against the greenback and 165.00 against
the yen.
Against the euro and the pound, the franc slipped to 5-day lows
of 0.9757 and 1.1418 from early highs of 0.9716 and 1.1355,
respectively. The franc may test support near 0.98 against the euro
and 1.15 against the pound.
Looking ahead, Destatis is set to release Germany's flash
inflation figures for March at 8:00 am ET. Economists forecast
consumer price inflation to ease to 2.2 percent from 2.5 percent in
February.
In the New York session, U.S. factory orders for February is
slated for release.
At 10:10 am ET, Federal Reserve Board Governor Michelle Bowman
will speak virtually on "Bank Mergers and Acquisitions, and De Novo
Bank Formation: Implications for the Future of the Banking System"
before the Workshop on the Future of Banking hosted by the Federal
Reserve Bank of Kansas City, in Washington D.C., U.S.
At 12:00 pm ET, Federal Reserve Bank of New York President John
Williams will moderate a discussion with Jeremy Siegel, professor
of finance at the Wharton School of the University of Pennsylvania,
before the Economic Club of New York, in New York, U.S.
Five minutes later, Federal Reserve Bank of Cleveland President
Loretta Mester speaks on the economic outlook before the Cleveland
Association for Business Economics and Team NEO Luncheon, in
Cleveland, U.S.
At 1:30 pm ET, Federal Reserve Bank of San Francisco President
Mary Daly will participate in hybrid fireside chat in partnership
with the Henderson Chamber of Commerce, Latin Chamber of Commerce
Nevada, and Vegas Chamber of Commerce, in Las Vegas, in U.S.
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