Forex: USD/CHF sidles up to yesterday’s low

Written by: Violina Todorova
July 24, 2013 Wednesday July 24th:_ Today’s Asian trading saw the USD/CHF open at 0.9348, starting an uptick to a current intraday high at 0.9372, with subsequent retracement to be currently around 0.9360, down 0.1 percent on yesterday’s New York closing price.

The Swiss Market Index has today gained 0.74 percent to 7,954.94, with the impetus provided by Roche Holding AG, the world’s biggest maker of cancer drugs, which is up 1.3 percent. Roche announced earlier that its experimental leukaemia drug known as GA101 delayed by longer than any product on the market the progression of the disease in patients with one of the most common forms of blood cancer.

Ahead of the New York opening yesterday the pair rose to an intraday high at 0.9405 but in late American trading the greenback faltered, with the price falling 64 pips to its low for the day at 0.9341.
The US dollar came under pressure yesterday on the release of the Richmond Fed Manufacturing Index for July, down to -11 from June’s revised 7, it’s the first positive reading since March.
The Federal Housing Finance Agency’s US Housing Price Index for May m/m was also released yesterday, a rise 0.7 percent from April’s revised 0.5 percent.

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