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21 Mar 2013
Forex: USD/CHF bounces off 0.9440 on disappointing France PMI
FXstreet.com (Barcelona) - The USD/CHF kept moving lower from just below 0.9455, not because of the Switzerland trade data in February, but mostly ahead of Markit manufacturing data in Europe, finding support at 0.9440. The release of disappointing manufacturing PMI (43.9 vs 44.3 consensus) and services PMI (41.9 vs 44.0 consensus) in France is triggering a retracement of losses back to the opening price of 0.9451.
The Swiss trade surplus narrowed from 2,120.00B (Revised from 2.13B) to 2,098.00M, but much less than what was expected (1.87B). Both exports (from 16813B to 16145M) and imports (from 14697B to 14047M) narrowed in February.
“USD/CHF remains essentially sidelined but is today expected to slip back towards the 200 day moving average at 0.9419” wrote Commerzbank analyst Karen Jones, adding that a rise above Tuesday’s 0.9491 high now looks less likely but would target the 0.9513 November high.
The Swiss trade surplus narrowed from 2,120.00B (Revised from 2.13B) to 2,098.00M, but much less than what was expected (1.87B). Both exports (from 16813B to 16145M) and imports (from 14697B to 14047M) narrowed in February.
“USD/CHF remains essentially sidelined but is today expected to slip back towards the 200 day moving average at 0.9419” wrote Commerzbank analyst Karen Jones, adding that a rise above Tuesday’s 0.9491 high now looks less likely but would target the 0.9513 November high.