Safe haven Swiss Franc posts biggest weekly rise in four months

by   |  VIEW 602
Safe haven Swiss Franc posts biggest weekly rise in four months

As the currency market remained highly volatile, the appetite for safe haven currencies, such as Swiss Franc and Japanese Yen appeared to be increasing, in the face of a number of threatening factors including wobbling global shares, a gruesome political chaos in US congress, US-China trade dispute and a fear of declined demand.

As an aftermath, on Friday, December 28th, the Swiss Franc posted their biggest weekly gain in 4 months, while Japanese Yen was holding on still below 110.40 region, eyeing a breach below its sentimental resistance level at 110s.

Amid a softened US dollar, resulted by concealing of US economic data due to partial government shutdown, the US dollar had found foundering against almost all of the major currencies including Euro and Great Britain pound, while the American dollar drained 0.3 percent against both Euro and GBP.

While this report is being prepared, the downtrend of the American dollar has been continuing and it is residing at 95.86, while the safe-haven commodity gold surged to 1279.78. However, at one point of the day, the gold had breached its 6-monthly high, $1282.

Among all of the safe haven currencies and commodities, the Swiss Franc in particular seemed to be on track to post its biggest weekly rise in nearly four months, as it has been 1.5 percent up this week, despite thin trade volumes.