Forex: USD/CHF drops to 0.9531

on May 30, 2013

Yesterday the USD/CHF dropped to 0.9598 following the release of the latest German Consumer Price Index. Year-on-year is 1.5 percent for May, close to expectations of a 1.3 percent rise, and month-on-month – 0.5 percent for May.

After today’s release of upbeat Swiss economic growth data, the US dollar fell to two-and-a-half week lows. During the European morning, the USD/CHF hit 0.9649, its lowest rate since May 14.
Gross Domestic Product data released by the Swiss Statistics Institute earlier today showed that GDP rose to 0.6 percent in the first quarter of 2013, beating the expected 0.2 percent increase.
Meanwhile the weekly report on US first-time jobless claims showed an unexpected 4 percent increase. This prompted a downward correction for the pair to 0.9531.

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