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USD/CHF rises further above 1.0200 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Greenback strengthened against European currencies and printed a fresh high following the release of US economic data. USD/CHF rose further above 1.0200 and peaked at 1.0254 reaching the strongest level since December 3.

    The pair rose above 10.200 during the European session and continue to rise boosted by US GDP data. The Chicago PMI report released a few minutes ago surpassed expectation by rising to 55.6 versus 45.3 (market consensus).

    USD and stocks up, CHF down

    For the first time in a while, the US dollar is rising and so are stock prices in Wall Street. The Dow Jones is up 1.37% and the Nasdaq gains 1.23%. In Europe, equities are also higher.

    The Swiss franc remains among the weakest currencies in the forex market on Friday, like it happened many days since December.

    Reserves data from the Swiss National Bank (SNB) showed that during the fourth quarter euro holdings rose from 41.9% to 42.9%, which could indicate some intervention in the market. The weakness in the CHF become more significant after last week European Central Bank meeting, triggering speculations about the behavior of the SNB.
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