Forex - USD/CHF steady, focus on euro zone

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Investing.com - The U.S. dollar was steady against the Swiss franc on Wednesday, as investors remained cautious amid ongoing conerns over the outlook for economic growth in the euro zone.

USD/CHF hit 0.9484 during European morning trade, the session low; the pair subsequently consolidated at 0.9486, inching down 0.05%.

The pair was likely to find support at 0.9456, the low of April 1 and resistance at 0.9548, the high of March 28.

Investors remained cautious after data on Tuesday showed that the euro zone's manufacturing purchasing managers' index fell to 46.8 in March, from a final reading of 47.9 the previous month, still substantially below the 50 mark that separates growth from contraction.

Separately, Reuters reported that international lenders have given Cyprus until 2018 to meet new budget targets, including freezing public sector pensions, raising taxes and hiking public sector fees.

The Cypriot Finance Minister Michael Sarris resigned on Tuesday after wrapping up bailout talks with lenders.

The Swissie was also steady against the euro with EUR/CHF adding 0.05%, to hit 1.2172.

Also Wednesday, preliminary data showed that consumer price inflation in the euro zone ticked down to an annualized rate of 1.7% in March from 1.8% the previous month. Analysts had expected consumer price inflation to fall to 1.6% last month.

Later in the day, the U.S. was to release the ADP nonfarm payrolls report, while the Institute of Supply Management was release a report on U.S. service sector activity.


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This article appears in: Investing , Forex and Currencies

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