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Swiss Franc Higher As Peace Hopes Ebb

The Swiss franc climbed against its major counterparts during the European session on Monday, as a lack of significant progress in peace talks between Russia and Ukraine dampened risk sentiment.

Kremlin spokesman Dmitry Peskov said that there had been no significant progress yet in the talks to hold a possible meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy.

Israel’s Prime Minister said that even though there had been progress in cease-fire talks between Russia and Ukraine, “very large” gaps remained between the two sides.

Ukrainian President Volodymyr Zelensky said that he is prepared for talks with his Russian counterpart Vladimir Putin, but a failure would mean the beginning of a third World War.

U.S. President Joe Biden will travel to Brussels for a meeting of the North Atlantic Treaty Organization and to participate in a European Council summit and a gathering of the G7 Group of Nations.

Biden has also scheduled a trip to Poland on Friday to hold a meeting with President Andrzej Duda to discuss “the humanitarian and human rights crisis that Russia’s unjustified and unprovoked war on Ukraine has created.”

The franc moved up to 6-day highs of 1.0265 against the euro and 1.2216 against the pound, up from its early lows of 1.0323 and 1.2298, respectively. The franc is seen finding resistance around 1.00 against the euro and 1.19 against the pound.

The franc touched 128.22 against the yen, a level unseen since August 2015. Against the greenback, it reached a 10-day high of 0.9296. The franc is likely to face resistance around 132.5 against the yen and 0.90 against the greenback.

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