Forex: USD/CHF softens on weak US housing numbers
_iNVEZZ.com Wednesday July 17th:_ At the opening of New York trading, the USD/CHF has fallen to a three-week low at 0.9358 , with the greenback subdued after weak US housing starts and permits stats for June came out at 13.30 BST.
Housing starts logged in with a fall of 9.9 percent for the month, to a seasonally adjusted rate of 836,000 units, the lowest level since August last year and well down on May’s revision to 928,000 from the preliminary 914,000.
Issued permits to build new homes fell 7.5 percent last month to 911,000, below analysts’ expectations for a rise to around one million. The revised May number was 985,000.
Earlier today the Swiss franc was supported by the ZEW Swiss Business Expectations survey, which reported a rise of 4.8 points for July, against 2.2 in June, though below the expected reading of 6.0. The survey aims to reflect business and employment conditions and other factors affecting the day-to-day running of a business in Switzerland.