Forex - USD/CHF steady after mixed Swiss data
Investing.com
Published Apr 02, 2012 04:58AM ET
USD/CHF hit 0.9002 during European morning trade, the pair’s lowest since February 29; the pair subsequently consolidated at 0.9021, inching down 0.02%.
The pair was likely to find support at 0.8959, the low of November 14 and resistance at 0.9092, the high of March 29.
Industry data showed earlier that manufacturing activity in Switzerland improved more-than-expected in March, expanding for the first time in seven months.
The Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index rose to 51.1 in March, up from a reading of 49.0 in February.
Analysts had expected the index to rise to 49.5 in March.
The report came after official data showing that retail sales in Switzerland rose 0.8% in February, disappointing expectations for a 3.2% increase.
The previous month’s figure had been upwardly revised to a 4.7% rise from a 4.4% increase.
Meanwhile, market sentiment remained supported as concerns over Chinese economic growth eased after data showed that the manufacturing activity in China rose more-than-expected in March.
In addition, euro zone finance ministers agreed on Friday to boost the bloc's bailout lending limit to EUR800 billion, in order to combat the threat of sovereign debt contagion to larger economies such as Italy and Spain.
Elsewhere, the Swissie was also steady against the euro with EUR/CHF edging up 0.04%, to hit 1.2045.
Later in the day, the U.S. was to release a report by the Institute of Supply Management on manufacturing activity.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.