Investing.com - The U.S. dollar hit 10-month lows against the
Swiss franc on Friday as U.S. jobs data suggested that the Federal
Reserve would maintain its easing policies, while stronger U.S.
manufacturing and consumer confidence data spurred risk appetite.
USD/CHF hit 0.9022; the pair's lowest since April 3 2012, before
settling back to 0.9076 by the close, 0.28% lower for the day and
down 2.07% for the week.
The pair is likely to find support at 0.9022, Friday's low and
resistance at 0.9119, Thursday's high.
The U.S. Department of Labor said the economy added 157,000 jobs in
December, slightly below expectations for a 160,000 increase, while
the unemployment rate ticked up to 7.9% from 7.8% in November.
However, November and December nonfarm payrolls figures were
revised sharply higher to 247,000 and 196,000 respectively.
Also Friday, data showed that U.S. manufacturing activity improved
to a nine-month high in January while consumer sentiment
unexpectedly improved in January.
The reports came two days after data showed that the U.S. economy
contracted 0.1% in the fourth quarter, confounding expectations for
growth of 1.1% and a sharp slowdown from growth of 3.1% in the
At the conclusion of its policy meeting on Wednesday, the Fed said
it will continue its USD85 billion a month quantitative easing
program "if the outlook for the labor market does not improve
The U.S. central bank also reiterated that it will continue to hold
interest rates close to zero until the unemployment rate falls
In Switzerland, data on Friday showed that the SVME purchasing
managers' index improved to 52.5 in January from a revised 49.2 the
previous month as growing confidence that the worst of the crisis
in the euro zone has passed supported Swiss exports.
In the week ahead, investors will be looking ahead to U.S. data on
service sector activity, while data on the Swiss central bank's
foreign currency reserves will also be in focus.
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, February 4
The U.S. is to release official data on factory orders, a leading
indicator of production.
Tuesday, February 5
Switzerland is to publish government data on the trade balance, the
difference in value between imports and exports.
The Institute of Supply Management is to publish a report on U.S.
service sector activity.
Wednesday, February 6
The U.S. is to release government data on crude oil inventories.
Thursday, February 7
The Swiss National Bank is to publish a report on foreign currency
reserves, which give an insight into the extent of the bank's
currency market operations. Switzerland is also to produce official
data on consumer climate.
The U.S. is to release the weekly government report on initial
Friday, February 8
Switzerland is to release official data on the unemployment rate
and on retail sales, the government measure of consumer spending,
which accounts for the majority of overall economic activity.
The U.S. is to round up the week with official data on the trade
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