Forex: USD/CHF at intraday high early in American session

Written by: Violina Todorova
July 26, 2013 Friday July 26th:_ The Swiss franc has conceded ground to the US dollar in today’s New York session so far, descending to a six-week low at 0.9270 early on and with the USD/CHF currently trading close to its current intraday high around 0.9299. Right at the American opening the pair logged its high for the day so far at 0.9303.

With nothing else in their inboxes, traders await the final reading for the Thomson Reuters/University of Michigan Consumer Sentiment Index for July, due out within the hour at 14:55 BST.
Yesterday brought mixed news for the greenback, with the mainly positive US Durable Goods Orders data for June offset by the insipid initial jobless claims data for last week. The pair shed 111 pips to an intraday low at 0.9282 after these releases.

Durable goods orders jumped 4.2 percent last month, well above forecasts for a 1.4 percent advance though short of May’s revised 5.2 percent. The zero percent change for orders excluding transportation bettered the expected 0.5 percent fall from May’s one percent.
Initial Jobless Claims for the week ended July 19 were up 7,000 to 343,000 from the prior week’s 336,000. There was nothing in the numbers for QE-tapering enthusiasts.
Though, readings for jobless claims can be volatile this month due to the fact that many factories go into temporary shutdown mode for retooling, rendering problematic adjustment for seasonal swings, especially because the shutdown schedule varies from year to year.

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