Forex: USD/CHF – Retracing 0.9258 high

on Jun 13, 2013
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According to Switzerland’s Federal Statistical Office earlier today, Swiss producer price inflation fell by 0.3 percent in May m/m, exceeding expectations for a 0.1 percent rise, after a 0.2 percent increase in April. On an annual basis, the rate dropped by 0.2 percent for May y/y, versus 0.1 percent in the previous reading and falling short of expectations for 0.3 percent growth.

Following the release, the USD advanced against the Swiss currency, with the pair rising to 0.9218 in the first half of the day’s European session.
Then at 13:30 BST, the US Bureau of Labour Statistics updated the country’s Export and Import Price Indexes. Import prices contracted by 1.9 percent in May y/y and 0.6 percent m/m, against April’s fall of 2.6 percent and 0.7 percent respectively. Export prices fell 0.5 percent on a monthly basis and were unchanged y/y.

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And in a separate release, the US Labour Department reported that initial jobless claims fell to 334,000 last week, well down on the previous week’s 346,000 and beating expectations for 345,000. The number of continuing jobless claims in the week ended on June 1 increased to 2.973 million, slightly up from the previous period’s 2.971 million and below expectations for 2.975 million.
Simultaneously, the US Census Bureau published new data on retail sales, indicating a small improvement of 0.6 percent growth in May m/m, from 0.1 percent in April and above estimates for a 0.4 percent increase.
On the back of this data, the US dollar strengthened against the franc and the pair rose to 0.9258.

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