Trade deal hopes spur Aussie gains vs. Swiss franc for a third day

Tuesday, 29 October 2019 15:50 WIB



Risk-oriented currencies strengthened on Tuesday with the Australian dollar climbing for a third consecutive session against the Swiss franc as hopes for an easing in Sino-U.S. trade tensions buoyed sentiment.

Underpinning risk appetite in markets, there is also heightened general optimism that Britain won't crash out of the European Union without a deal and the U.S. Federal Reserve will likely cut interest rates this week for a third time this year.

The Australian dollar gained a third of a percentage point against the relatively low-yielding Swiss franc and held just below a four-month high hit in mid-September at 0.6819 francs.

The currency pair is widely considered to be a barometer of risk sentiment in the currency markets and is up 1.3% in October, its biggest monthly rise since April 2019.

The British pound, meanwhile, was broadly steady around $1.285 after British Prime Minister Boris Johnson failed to gain the majority backing in parliament he required for an election, the third time he has failed to do so.

Source : Reuters


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