Shutterstock photo
Markets

Forex - USD/CHF rises to fresh 6-month high on U.S. optimism

Shutterstock photo

Shutterstock photo

Investing.com - The U.S. dollar rose to a fresh six-month high against the Swiss franc on Thursday, as recent U.S. data added to optimism over the strength of the country's economic recovery, sending the greenback broadly higher.

USD/CHF hit 0.9553 during European morning trade, the pair's highest since September 7; the pair subsequently consolidated at 0.9543, adding 0.20%.

The pair was likely to find support at 0.9508, the session low and resistance at 0.9580, the high of September 7.

The greenback remained supported after Wednesday's positive U.S. retail sales data added to optimism that the country's recovery is gaining traction after data last week showed that the economy added more jobs than expected in February, bringing the unemployment rate to a four-year low of 7.7%.

The Commerce Department said U.S. retail sales rose 1.1% in February, beating expectations for a 0.5% increase, while core retail sales, which exclude automobile sales, climbed 1.0% compared to expectations for a 0.2% gain.

Earlier Thursday, the Swiss National Bank left the Libor rate unchanged, close to zero, in a widely expected move.

The SNB also reiterated its determination to maintain the Swiss franc 1.20 cap against the euro.

The Swissie was lower against the euro with EUR/CHF adding 0.15%, to hit 1.2363.

Later in the day, the U.S. was to release government data on producer price inflation and the weekly government report on initial jobless claims.

Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

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.

Other Topics

ForEx