Forex: USD/CHF – Dollar rises ahead of US mortgage applications data

on Jun 12, 2013
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The US dollar has gained against the Swiss franc today since late Asian trading, when it touched daily lows at 0.9233.

During the European trading day the quote rose to 0.9285, before retracing back again to trade at 0.9265 at the moment of writing.
Speculation that Fed will begin to scale back its QE program has continued since Standard & Poor’s revised its long-term outlook on the US credit rating to stable from negative on Monday. The current AA+ rating is just a notch from the AAA rating, which was downgraded in August 2011.

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According to data released earlier today, German consumer prices increased last month by 1.5 percent on an annual basis and by 0.4 percent on a monthly basis, with both figures indicating improvement.
At yesterday’s hearing in Germany’s Constitutional Court into the legality of the European Central Bank’s bond purchasing scheme, Finance Minister Wolfgang Schauble defended the programme.
According to official statistics released earlier today, industrial production in the euro zone rose 0.4 percent in April, confounding expectations for a 0.2 percent fall, after a 0.9 percent increase the previous month.
At 12:00 BST today the weekly US mortgage applications update is expected to be released.

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