Forex: USD/CHF – Climbs to 0.9361 in European session

on Jun 20, 2013

The market was earlier today focused on the meeting of the Swiss National Bank, which confirmed the benchmark interest rate unchanged at zero percent.

According to the country’s central bank, the headline inflation rate hadn’t accelerated deeper into negative territory and economic news continued to match the bank’s positive expectations from their last meeting in March.
Meanwhile, the US Federal Reserve has maintained its asset buying purchases at $85 billion per month, citing lowered risk to the economy and improvement in the labour market. The wind-down of QE could begin in September this year with eventual cessation by the middle of next year.

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After comments to that effect by the Fed’s Chairman, Ben Bernanke, in his Washington DC press conference yesterday, the USD firmed against the Swiss Franc.

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Earlier the SNB had released the Swiss trade balance for May, which showed the surplus at CHF2,224 million against CHF2,410 million expected and above April’s CHF1,698 million.
Swiss exports increased to CHF17,434 million in May compared with CHF17,077 million in April. Imports fell to CHF15,210 million from the prior month’s CHF15,378 million.
The pair started to climb from 0.9180 late in American trading yesterday, and today has reached 0.9361 so far, seemingly unaffected by the trade data.
Further movement today is likely to be influenced by the pending US updates on weekly jobless claims change and home sales data.


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