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Forex - USD/CHF rises to daily high as oil prices retreat

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Forex Pros - The U.S. dollar was up against the Swiss franc on Thursday, as oil prices retreated below USD105 a barrel, but the greenbacks gains were capped as unexpectedly weak Chinese trade data weighed on sentiment.

USD/CHF hit 0.9348 during European morning trade, the daily high; the pair subsequently consolidated at 0.9331, gaining 0.39%.

The pair was likely to find support at 0.9260, Tuesday's low and short-term resistance at 0.9368, Wednesday's high.

Crude futures for delivery in April were trading at USD103.97 a barrel on the New York Mercantile Exchange, after peaking at USD105.04 earlier in the day.

Earlier in the day, government data showed that China unexpectedly posted a trade deficit of USD7.3 billion in February, it's largest in seven years, as the Lunar New Year holiday disrupted export activity.

China's imports rose at an annualized rate of 19.4% in February, below the 32.8% consensus, while exports rose 2.4%, far below the expected 25.9%.

The surprisingly weak data sparked concerns over a slowdown in the world's largest economy.

Meanwhile, the Swissie was up against the euro, with EUR/CHF slipping 0.10% to hit 1.2915.

Later in the day, the U.S. was to publish a key weekly report on initial jobless claims as well as data on the country's trade balance.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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