Swiss Franc Edges Up Against Most Majors
Monday morning in Asia, the Swiss franc strengthened against the currencies of U.K., Europe and Japan. The franc soared to a new multi-month high against the pound.
The Swiss franc rose against the British pound in early Asian deals on Monday. The pound-franc pair that closed Friday’s trading at 1.5909 is currently worth 1.5871. This set the highest point for the franc since March 29. If the franc gains further, it may likely target the 1.581 level.
During early Asian deals on Monday, the Swiss franc gained against the euro. As of now, the franc is worth 1.3312 per euro, compared to 1.3348 hit late New York Friday. On the upside, 1.326 is seen as the next target level for the Swiss currency.
The Swiss franc climbed against the yen in early Asian deals on Monday and reached a high of 84.40 at 9:30 pm ET. Currently, the franc-yen pair is worth 84.30 and the next upside target level is seen at 84.6. The pair closed last week’s trading at 84.01.
The yen fell on anxiety over possible political instability after Japan’s ruling coalition suffered a major setback in Sunday’s upper house election.
On Sunday, Japan’s governing coalition lost more seats than expected in the upper house election. The Democratic Party of Japan and its junior coalition partner People’s New Party failed to secure an upper house majority, which may probably bring about a hung parliament.
In early Asian deals on Monday, the Swiss franc largely showed choppy trading against the US dollar. The dollar-franc pair that closed last week’s trading at 1.0556 is presently worth 1.0575.
Looking ahead, the French current account for May and the U.K. final first quarter GDP report are expected in the European session.
