Swiss Franc Weakens On China Reopening Hopes
(RTTNews) - The Swiss franc declined against its key counterparts in the European session on Tuesday, as optimism about a relaxation of stringent COVID curbs in China lifted investor sentiment.
Beijing said it would boost vaccination for senior citizens amid discontent over the country's strict zero-Covid policy.
Investors bet on a loosening of the COVID restrictions, as a Chinese health official remarked that the government would continue to fine-tune policy to reduce the impact on society.
Authorities in Beijing, Shanghai, and other major cities suppressed protests that shocked global markets on Monday.
Chinese regulators removed a ban on equity refinancing for listed firms to support the embattled property sector.
The Swiss franc fell to 0.9545 against the greenback, its lowest level in a week. The franc is seen finding support around the 0.98 level.
The franc reached as low as 0.9872 against the euro. On the downside, 1.05 is possibly seen as its next support level.
The franc was down against the yen, at nearly a 3-week low of 145.04. The franc is poised to face support around the 142.00 area.
The franc dropped to a 4-day low of 1.1451 against the pound, from a 6-day high of 1.1337 it logged at 5:15 pm ET. Near term support for the franc is seen around the 1.20 level.
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