Forex - USD/CHF erases gains after E.Z., German data
Investing.com
Published Feb 14, 2012 05:46AM ET
USD/CHF pulled back from 0.9198, the pair’s highest since February 10, to hit 0.9149 during European late morning trade, shedding 0.19%.
The pair was likely to find support at 0.9109, the low of February 7 and resistance at 0.9207, the high of February 2.
Data showed earlier that German economic sentiment improved significantly more-than-expected in February, turning positive for the first time since May 2011.
The ZEW Centre for Economic Research said that its index of German economic sentiment improved to 5.4 in February, compared to January’s reading of minus 21.6. Analysts had expected the index to improve to minus 11.6 in February.
Meanwhile, economic sentiment in the euro zone rose in February to minus 8.1 from minus 32.5 in January. Economists had expected euro zone economic sentiment to improve by 11.4 points to minus 21.1.
The greenback rose to a two-day high against the Swissie earlier in the day, after Moody’s Investors Service cut the debt ratings of six European countries earlier, including Italy, Spain and Portugal, and said it may strip France and the U.K. of their top Aaa ratings, citing the euro zone’s debt crisis.
Elsewhere, the Swissie was fractionally higher against the euro with EUR/CHF inching down 0.03%, to hit 1.2082.
Later in the day, the U.S. was to release official data on retail sales, as well as reports on import prices and business inventories.
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Written By: Investing.com
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