March 15, 2016 - 11:22 PM EDT
Print Email Article Font Down Font Up
Swiss Franc Slides Amid Risk Appetite

BRUSSELS
(dpa-AFX) - The Swiss franc weakened against most major currencies in the early European session on Wednesday amid risk appetite, as investors awaited the updates of Fed members' economic projections and a press conference by Fed Chair Janet Yellen to see where Fed officials stand on the outlook for interest rates.

The

U.K.'s
FTSE 100 index is currently up 0.32 percent or 19.61 points at 6,159,
France's
CAC 40 index is up 0.47 percent or 20.95 points at 4,493 and
Germany's
DAX is up 0.66 percent or 65.22 points at 9,999.

The

U.S.
Federal Open Market Committee is likely to hold short-term interest rates steady when it concludes its policy meeting later today.

Shares of energy companies surged on the back of higher crude prices.

Oil prices rebounded after reports emerged that a meeting between oil producers to discuss freezing production may take place next month even without

Iran
.

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

In the early European trading, the Swiss franc fell to a 6-day low of 0.9901 against the

U.S.
dollar, from an early high of 0.9862. If the franc extends its downtrend, it is likely to find support around the 1.01 aea.

Against the pound, the franc dropped to 1.3977 from an early 2-week high of 1.3913. On the downside, 1.45 is seen as the next support level for the franc.

The franc edged down to 1.0969 against the euro, from an early high of 1.0951. The franc is likely to find support around the 1.10 region.

Meanwhile, the franc rose to 115.07 against the yen, from an early low of 114.49 and held steady thereafter.

Looking ahead,U.S. housing starts, CPI and industrial production data, all for February and crude oil inventories data are slated for release in the

New York
session.

At 8:30 am ET,

U.K.
Finance Minister George Osborne will announce the 2016 annual budget in
London
.

At 1:30 pm ET, National Bank of Poland chief Marek Belka and European Central Bank chief Mario Draghi is expected to speak at the opening of an art exhibition in

Frankfurt
.

At 2:00 pm ET, the Federal Reserve will announce its decision on monetary policy. The Fed is expected to hold rates at 0.50 percent.

Following the announcement, Fed Chair Janet Yellen will hold the post-meeting press conference at 2:30 pm ET.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Source: Equities.com News (March 15, 2016 - 11:22 PM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice