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Forex - USD/CHF slips to 3-week low as euro debt concerns linger

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Forex Pros - The U.S. dollar slipped to a three-week low against the Swiss franc on Thursday, as ongoing uncertainty over the Greek debt crisis continued to weigh on market sentiment.

USD/CHF hit 0.8696 during European morning trade, the pair's lowest since May 6; the pair subsequently consolidated at 0.8711, shedding 0.16%.

The pair was likely to find support at 0.8554, the low of May 5 and the pair's all-time low and resistance at 0.8813, Wednesday's high.

Sentiment was boosted by reports earlier that China is interested in buying bailout bonds for Portugal but investors remained concerned about the possibility of Greek debt restructuring, as well as uncertainty over whether Greece will agree new austerity measures and the potential for contagion into the likes of Spain and Italy.

Meanwhile, Switzerland's Federal Statistics Office said the country's trade surplus widened in April to CHF1.52 billion, less than the expected CHF2.01 billion. The report said exports rose 7.9% last month, while imports rose by 4.0%.

A separate report showed that the number of people employed in Switzerland rose more-than-expected in the first quarter.

Elsewhere, the Swissie was lower against the euro, with EUR/CHF rising 0.34% to hit 1.2335.

Later Thursday, the U.S. was to publish revised government data on first quarter economic growth as well as a weekly report on initial jobless claims.

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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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