Forex: USD/CHF seeks to recover yesterday’s lost ground

on Jul 11, 2013
Listen Thursday July 11th:_ Since the New York opening today, the USD/CHF has risen to an intraday high at 0.9534, with the greenback seeking to recover ground lost yesterday when the quote descended to a two-week low at 0.9404. Currently the pair is looking bullish, with the quote around 0.9485.

The latest US Import and Export Price Indexes and jobless claims data were released earlier today.
Overall import prices fell 0.2 percent in June, dropping for a fourth straight month and following a downwardly revised 0.7 percent in May. The overall fall in import prices would have been greater but for stronger petroleum prices, which rose 0.2 percent in June. Annualised, petroleum prices were up 2.9 percent in June, the largest 12-month advance since March 2012.

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June export prices came out down 0.1 percent in line with analysts’ expectations, though up 0.8 percent for June y/y, after a fall of 0.9 percent in the year ended in May.
Meanwhile, US jobless claims rose to a two-month high in the week ended July 6. First-time applicants for unemployment benefits increased by 16,000 to 360,000, well up on the revised 344,000 in the prior week and expectations for a drop to 340,000.

Continuing jobless claims qualifying for state-funded unemployment insurance rose 24,000 to a seasonally adjusted 2.977 million in the week ended June 29, above expectations for 2.950 million and the prior week’s 2.953 million.
The EIA’s US Natural Gas Storage Change for the week ended July 5 was released a short time ago, showing an increase of 82 billion barrels, beating expectations for 80 billion and well up on the prior week’s 72 billion.
The Monthly Budget Statement is due to be released by the Financial Management Service at 19:00 BST.
A preliminary reading of the Thomson Reuters/University of Michigan Consumer Sentiment Index for June is due out at 14:55 BST tomorrow.