The Swiss franc weakened against the other major currencies in the Asian session on Tuesday amid risk appetite, as the European shares rebounded on bargain hunting.
The U.K.’s FTSE 100 index is currently up 2.45 percent or 144.26 points at 6,043, France’s CAC 40 index is up 3.06 percent or 134.34 points at 4,517 and Germany’s DAX is up 2.93 percent or 282.37 points at 9,930.
Concerns over slowing growth in China had spurred panic selling across the Asian region on Monday, prompting many to term it “Black Monday”.
In the Asian trading, the safe-haven currency held steady against its major rivals.
Tn the European trading now, the Swiss franc fell to nearly a 2-week low of 1.0879 against the euro and a 4-day low of 1.4891 against the pound, from early highs of 1.0769 and 1.4660, respectively. If the Swiss franc extends its downtrend, it is likely to find support around 1.10 against the euro and 1.52 against the pound.
Against the U.S. dollar and the yen, the franc edged down to 0.9385 and 127.24 from early highs of 0.9295 and 128.43, respectively. The franc may test support around 0.96 against the greenback and 123.00 against the yen.
Looking ahead, European Central Bank Vice President Vitor Constancio is expected to speak at the ECB session “Effects of non-standard monetary policy measures: evidence and challenges” at the 30th Annual Congress of the European Economic Association in Germany, at 6:40 am ET.
In the New York session, U.S. FHFA house price index and U.S. S&P Case-Shiller home price index, both for June, U.S. consumer confidence for August and new home sales for July are set to be released.
At 10:00 am ET, Congressional Budget Office releases update to the “Budget and Economic Outlook: 2015-2025” in Washington D.C.
At 12:25 pm ET, Bank of Canada Deputy Governor Lawrence Schembri will speak at the Canadian Association for Business Economics’ policy conference in Kingston, Canada.
The material has been provided by InstaForex Company – www.instaforex.com