Forex: USD/CHF reaches new highs ahead of US Durable Goods Orders
_iNVEZZ.com Thursday July 25th:_ The greenback has started on something of a rally against the Swiss franc in the European session today, with the pair up 42 pips from a current intraday low at 0.9351 to 0.9393, a high so far intraday.
The pair’s movements were yesterday influenced mainly by the preliminary reading of the Markit US Manufacturing PMI and the latest release of the US New Home Sales data for June on monthly basis.
The flash Manufacturing Purchasing Managers Index hit its highest level in four months, rising to a 53.2 reading in July from 51.9 in June.
Markit chief economist Chris Williamson noted that because the goods-producing sector is a bellwether for the wider economy, the upturn in July bodes well for a third-quarter pickup in the pace of economic growth.
New home sales logged an 8.3 percent increase in June to a seasonally adjusted rate of 497,000 , from 459,000 in the prior month, recording its highest level since May 2008.
The Swiss Market Index yesterday registered a 0.74 percent gain to 7,954.94, with the impetus provided by Roche Holding AG, the world’s biggest maker of cancer drugs, which was up 1.3 percent.
With a lack of Swiss economic updates today, traders will be focusing on the US Durable Goods Orders and Durable Goods Orders excluding transportation for June, due to be released at 13:30 BST.
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