May 12, 2016 - 9:50 PM EDT
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Swiss Franc Rises Amid Risk Aversion

BRUSSELS (dpa-AFX) - The Swiss franc strengthened against the other major currencies in the European session on Friday amid risk aversion, following losses in Asia and as crude oil prices fell.

The U.K.'s FTSE 100 index is currently down 0.65 percent or 39.96 points at 6,064, France's CAC 40 index is down 0.55 percent or 23.57 points at 4,269 and Germany's DAX is down 0.46 percent or 44.98 points at 9,817.

Crude oil for June delivery are currently down $0.54 at $46.16 a barrel. Oil prices fell after Russia, a major oil producing country, signaled that excess global crude supply will last until the next year.

In the Asian trading today, the Swiss franc held steady against its major rivals.

In the early European trading, the Swiss franc rose to an 8-day high of 1.1016 against the euro, from an early low of 1.1051. The franc may test resistance near the 1.08 region.

The franc advanced to 0.9702 against the U.S. dollar, from an early 2-day low of 0.9743.On the upside, 0.94 is seen as the next resistance level for the franc.

Against the pound and the yen, the franc edged up to 1.3984 and 112.04 from early lows of 1.4034 and 111.49, respectively. If the franc extends its uptrend, it is likely to find resistance around 1.36 against the pound and 116.00 against the yen.

Looking ahead, U.S. PPI and retail sales data, both for April, U.S. business inventories data for March and the University of Michigan's preliminary U.S. consumer sentiment index for May are set to be published in the New York session.

At 8:30 am ET, Bank of England MPC Member Martin Weale is scheduled to speak at the University of Liverpool.

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Source: News (May 12, 2016 - 9:50 PM EDT)

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