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8 Mar 2013
Forex: USD/CHF pulled to 0.9515 on profit taking
Having peaked at 0.9548 in reaction to the strong US nonfarm payrolls report, profit taking has pulled the USD/CHF to 0.9515 area, as it consolidates the +100-pip move.
Meanwhile, the US wholesale inventories were published. Analysts were expecting a 0.3% rise in January, but wholesale inventories in the US surprised with a +1.2% change. At 01:00 GMT of Saturday, FOMC member Duke will make a speech.
US nonfarm payrolls, added 236K jobs in February instead of the 160K consensus. January data, however, was revised lower from 159K to 116K. The unemployment report dropped unexepectedly from 7.9% to 7.7%, against an unchanged consensus. Average weekly hours rose slightly from 34.4 to 34.5 and hourly earnings rose 0.2% in February, as expected.
Earlier in the European session, Switzerland CPI data came in line with expectations, with the same pace of 0.3% in February in both monthly and year-on-year basis.
A break above 0.9513 “would indicate potential for further strength to 0.9609”, wrote UBS analyst Gareth Berry, pointing to support at 0.9394.
Meanwhile, the US wholesale inventories were published. Analysts were expecting a 0.3% rise in January, but wholesale inventories in the US surprised with a +1.2% change. At 01:00 GMT of Saturday, FOMC member Duke will make a speech.
US nonfarm payrolls, added 236K jobs in February instead of the 160K consensus. January data, however, was revised lower from 159K to 116K. The unemployment report dropped unexepectedly from 7.9% to 7.7%, against an unchanged consensus. Average weekly hours rose slightly from 34.4 to 34.5 and hourly earnings rose 0.2% in February, as expected.
Earlier in the European session, Switzerland CPI data came in line with expectations, with the same pace of 0.3% in February in both monthly and year-on-year basis.
A break above 0.9513 “would indicate potential for further strength to 0.9609”, wrote UBS analyst Gareth Berry, pointing to support at 0.9394.