Investing.com - The U.S. dollar turned lower against the Swiss
franc on Friday, paring some of the week's gains after the closely
watched report on U.S. nonfarm payrolls indicated that the recovery
in the labor market may be moderating.
USD/CHF hit 0.9302 on Friday, the pair's highest since December 12;
the pair subsequently consolidated at 0.9243 by close of trade,
still up 1.19% for the week.
The pair is likely to find support at 0.9172, Thursday's low and
resistance at 0.9325, the high of December 12.
The U.S. Department of Labor said the economy added 155,000 jobs in
December, slightly higher than forecasts for an increase of
150,000, but easing from an upwardly revised increase of 161,000 in
November. The unemployment rate held steady at 7.8%.
The dollar had rallied against the Swissie on Thursday after the
minutes of the Federal Reserve's December policy meeting showed
that some policymakers considered an earlier-than-expected end to
the bank's quantitative easing program.
The Fed's December minutes said also interest rates would remain
close to zero "at least as long" as the jobless rate remains above
Meanwhile, investors remained cautious as relief over an agreement
to avoid the U.S. fiscal cliff was offset by concerns about
continuing political wrangling over further spending cuts and
raising the U.S. debt ceiling.
In the week ahead, investors are likely to remain focused on U.S.
fiscal negotiations, while monetary policy decisions by the
European Central Bank and the Bank of England will also be in
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, January 7
The Swiss National Bank is to release data on its foreign currency
reserves, which gives investors an insight into the bank's currency
Tuesday, January 8
The U.S. is to release private sector data on economic optimism, as
well as official data on consumer credit, which is closely linked
to consumer spending.
Wednesday, January 9
The U.S. is to publish official data on crude oil inventories,
while the U.S. Treasury is to hold an auction of 10-year government
Thursday, January 10
The U.S. is to publish the weekly government report on initial
Friday, January 11
Switzerland is to release official data on consumer price inflation
which accounts for a majority of overall inflation.
The U.S. is to round up the week with the government's report on
the trade balance, the difference in value between imports and
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