Investing.com - The U.S. dollar rose to a two-week high against
the Swiss franc on Thursday, as fresh concerns over the worsening
of the financial crisis in the euro zone weighed on market
USD/CHF hit 0.9246 during European morning trade, the pair's
highest since January 29; the pair subsequently consolidated at
0.9231, climbing 0.67%.
The pair was likely to find support at 0.9169, the day's low and
resistance at 0.9268, the high of January 29.
Sentiment was hit after Eurostat said euro zone gross domestic
product contracted by 0.6% in the three months to December,
compared to expectations for a 0.4% decline, after a 0.1%
contraction in the third quarter.
Euro zone GDP fell 0.9% compared to a year earlier, worse than
expectations for a 0.7% contraction, after shrinking at an
annualized rate of 0.6% in the previous quarter.
Earlier in the session official data showed larger-than-forecast
contractions in German, French and Italian fourth quarter economic
Germany's economy, the euro zone's largest, contracted by 0.6% in
the in the fourth quarter, worse than expectations for a 0.5% fall.
France's economy also contracted more than forecast, with GDP
falling by 0.3%, while Italy's economy contracted by 0.9%.
Elsewhere, the Swissie was higher against the euro with EUR/CHF
shedding 0.23%, to hit 1.2308.
Later in the day, the U.S. was to release the weekly government
report on initial jobless claims.
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