Forex - Dollar slips vs. safe haven Swiss franc as Mideast fears weigh
Investing.com
Published Feb 28, 2011 05:33AM ET
USD/CHF hit 0.9260 during European morning trade, the daily low; the pair subsequently consolidated at 0.9272, slipping 0.11%.
The pair was likely to find support at 0.9227, Friday’s low and the pair’s all-time low and resistance at 0.9334, last Thursday’s high.
Oil prices remained close to a 29-month high on Monday, after the anti-government demonstrations that swept the Middle East over the past month spread to Oman on Sunday, with protesters clashing with security forces.
Meanwhile, in Libya, leader Muammar Gaddafi still controlled the capital Tripoli, after an uprising took control of the eastern part of the country.
The dollar has been hurt by the recent spike in oil prices amid fears that the U.S. economy will suffer more, given its strong reliance on consumer spending for growth.
Meanwhile, the Swissie was down against the euro, with EUR/CHF advancing 0.46% to hit 1.2825.
Later in the day, the U.S. was to publish industry data on pending home sales as well as a report on manufacturing activity in the in the Chicago area. The U.S. was also to release official data on personal consumption expenditure and consumer price inflation.
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Written By: Investing.com
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