Swiss Franc Climbs On Strong Inflation Data
(RTTNews) - The Swiss franc advanced against its major counterparts in early European deals on Monday, as investors became cautious ahead of Federal Reserve Chair Jerome Powell's testimony to Congress that is likely to throw light on the policy outlook.
Powell will testify on semiannual monetary policy report to the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday.
Recent comments from Fed officials indicated that the central bank will be required to raise interest rates further and maintain them at elevated levels for a longer period of time.
Higher-than-expected Swiss inflation data further underpinned the currency.
Swiss consumer prices rose 3.4 percent year-on-year in February, following a 3.3 percent increase in the previous month. Economists had forecast a 3.1 percent gain.
The franc appreciated to a 10-day high of 1.1212 against the pound and a 6-day high of 0.9923 against the euro, from its early lows of 1.1277 and 0.9966, respectively. The currency is poised to find resistance around 1.11 against the pound and 0.98 against the euro.
The franc strengthened to an 11-day high of 0.9312 against the greenback and a 6-day high of 145.67 against the yen, reversing from an early low of 0.9372 and a 4-day low of 144.70, respectively. The franc is seen facing resistance around 0.90 against the greenback and 148.00 against the yen.
Looking ahead, Canada Ivey PMI for February and U.S. factory orders for January will be out in the New York session.
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