Forex: USD/CHF – Swiss Franc gains against greenback

on May 31, 2013
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The pair has recovered from its early lows at 0.9510 since the beginning of European opening, reaching 0.9557. This small retrace has been mostly due to today’s European data updates.

According to the releases, the Consumer Price Index grew +1.4 percent in May y/y, matching expectations of +1.4. In addition, the Consumer Price Index – Core climbed +1.2 percent in May m/m, compared with estimates of +1.1 percent.
The USD/CHF is still well off yesterday’s highs at 0.9688/90 in the Asian session and 0.9650 in European trading.
Ahead of US data due to be released at 13:30 BST, the pair has settled at 0.9537.

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Prior to European trading today, the Swiss Institute for Business Cycle Research announced that Switzerland’s KOF Leading Indicator increased to 1.1 points in May from 1.04 in April, providing a small hint of the country’s economic trends.
And the Swiss Statistics Office reported yesterday that GDP grew 0.6 percent in Q1, after a 0.3 percent rise in the previous quarter and above expectations for 0.2 percent growth.

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CHF Forex