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Forex - USD/CHF weekly outlook: June 16 - 20

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Investing.com -

Investing.com - The dollar pushed higher against the Swiss franc on Friday as safe haven demand was underpinned by concerns over the escalating conflict in Iraq, supporting the greenback.

USD/CHF was up 0.17% to 0.9000 late Friday from 0.8982 on Thursday. For the week, the pair rose 0.32%.

The pair is likely to find support at 0.8950 and resistance at 0.9040.

Concerns over the ongoing Sunni insurgency in Iraq hit market sentiment on Friday, amid fears over the impact of reduced oil supply on global growth.

The dollar shrugged off a report showing that U.S. consumer sentiment unexpectedly deteriorated in June.

The preliminary reading of the University of Michigan's consumer sentiment index for June came in at 81.2, down from 81.9 in May, missing expectations for an uptick to 83.0.

The report came a day after data showed that U.S. retail sales rose less than expected in May, but the previous month was revised higher.

The Commerce Department said Thursday that U.S. retail sales rose 0.3% in May, falling short of expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was flat at 80.75 late Friday.

In the week ahead, investors will be focusing on the outcome of Wednesday's Federal Reserve policy meeting, while Thursday's rate statement by the Swiss National Bank will also be closely watched.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday, as there are no relevant events on this day.

Monday, June 16

The U.S. is to produce data on industrial production and manufacturing activity in the Empire State.

Tuesday, June 17

Switzerland is to release data on producer price inflation.

Later Tuesday, the U.S. is to produce data on housing starts, building permits and consumer prices.

Wednesday, June 18

The ZEW Institute is to publish a report on economic expectations in Switzerland, a leading indicator of economic health.

Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. The announcement is to be followed by a press conference with Fed Chair Janet Yellen.

Thursday, June 19

The SNB is to announce its libor rate. The bank is also to publish its quarterly monetary policy assessment and hold a press conference.

The U.S. is to publish the weekly report on initial jobless claims as well as a report on manufacturing activity in the Philadelphia region.

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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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