Investing.com - The dollar was lower against the Swiss franc on
Friday after official data showed that the U.S. economy grew
less-than-forecast in the first quarter.
USD/CHF hit session lows of 0.9402, the pair's lowest since
Tuesday, before settling at 0.9425, down 0.25% for the day but
still 0.84% higher for the week.
The pair is likely to find support at 0.9402, Friday's low and
resistance at 0.9483, Friday's high.
The dollar weakened after the Commerce Department said U.S. gross
domestic product expanded by 2.5% in the three months to March,
missing expectations for growth of 3.0%.
The disappointing data added to expectations that the Federal
Reserve will continue its monetary easing program, amid lingering
concerns over the outlook for the U.S. economic recovery.
Meanwhile, Swiss National Bank President Thomas Jordan warned
Friday that the value of the Swiss franc remained elevated and that
the risk of a sudden appreciation had still not been averted.
Jordan reiterated that the1.20 per euro exchange rate floor imposed
by the SNB in September 2011 was still an important instrument to
avoid an undesired tightening of monetary policy conditions in
The SNB head said the bank expects a gradual recovery of the global
economy this year, with domestic growth of 1% to 1.5%.
"Uncertainties, however, remain high," he cautioned. "Given the
fragile international environment, we still see significant
downside risks for the Swiss economy."
EUR/CHF hit session lows of 1.2250 on Friday, before settling at
1.2277, slipping 0.11% for the day.
The single currency looked likely to remain under pressure ahead of
the upcoming European Central Bank policy meeting as speculation
over a rate cut weighed.
In the week ahead, investors will be awaiting the outcomes of
policy meetings by the Federal Reserve and the ECB, as well as
Friday's closely watched report on U.S. nonfarm payrolls.
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, April 29
The U.S. is to produce official data on personal income and
expenditure, as well as private sector data on pending home sales,
a leading economic indicator.
Tuesday, April 30
The U.S. is to release data on consumer confidence, a report on
manufacturing activity in Chicago and private sector data on house
Wednesday, May 1
The market in Switzerland is to remain closed for the Labor Day
The U.S. is to release the ADP nonfarm payrolls report on private
sector job creation as well as government data on crude oil
stockpiles. In addition, the Institute of Supply Management is
release data on U.S. manufacturing activity, a leading economic
In addition, the Federal Reserve is to announce its benchmark
interest rate. The announcement is to be accompanied by the bank's
monetary policy statement, which contains valuable insights into
economic conditions from the bank's perspective.
Thursday, May 2
Switzerland is to publish its SVME PMI, a leading economic
The U.S. is to publish the weekly government report on initial
jobless claims as well as official data on the trade balance.
Friday, May 3
The U.S. is to round up the week with government data on nonfarm
payrolls and the unemployment rate as well as data on average
hourly earnings and factory orders. In addition, the ISM is release
data on U.S. service sector activity, a leading economic indicator.
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