Forex: US dollar holds ground against Swiss franc

on Jul 3, 2013
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_iNVEZZ.com Wednesday July 3rd:_ The US dollar yesterday firmed to a five-week peak against a basket of currencies on a widely-held view that the US Fed will start to scale back its stimulus measures sooner rather than later.

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The USD/CHF opened the day today at 0.9512 and so far in European trading the quote has fallen to an intraday low at 0.9485.
With an absence of Swiss news yesterday and boosted by the ongoing speculation that an end is in sight for fiscal stimulus in the US, the greenback climbed to a one-month high against the Swiss franc at 0.9528.

Currently in the European session the pair is trading close to yesterday’s high around 0.9500.
Plenty of US data is due out today which could be expected to support the pair’s upward movements. The annualised ADP Employment Change data for June is due out at 13:15 BST, followed later by the Initial and Continuing Jobless Claims updates, Trade Balance for May and ISM Non-Manufacturing PMI for June.
This Friday sees release of an update on Switzerland’s foreign currency reserves, plus annualised and monthly readings for June CPI.

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CHF Forex