The Swiss franc moved in two distinct waves yesterday. During the Asian session, the currency dominated, thanks to the leftover optimism from the news that Moody’s reaffirmed Spain’s Baa3 credit rating. Then, during the European and U.S. trading session, the currency barely moved because of the lack of market-moving events. The Swiss franc ended the day at .9223, 41 pips lower from its opening price.
The only report released yesterday was the ZEW Economic Expectations. It printed a reading of -28.9, which was an improvement from the previous month’s -34.9.
Today, the Swiss trade balance will be published. It’ll come out at 6:00 am GMT and is projected to show a 2.42 billion CHF surplus for the month of September. In August, the surplus was only at 1.61 billion CHF (revised down from 1.73 billion CHF). The Swiss trade balance isn’t normally a market-mover; it’s a good idea to keep an eye on it, but I wouldn’t hold my breath for any big moves.
The franc’s price action was mixed as the M&Ms colors yesterday as weak Swiss data got mixed in with risk sentiment. USD/CHF went up by 21 pips while EUR/CHF trickled 17 pips lower.
Switzerland’s trade balance data showed a 2.01billion CHF surplus in September, which is weaker than the 2.42 billion CHF figure that analysts were eyeing. As it turned out, export goods declined by 8% as imports also fell by 6.4% from last year.
No Swiss data is scheduled to print for today, so watch out for any news from the EU Summit or the U.S. markets that might set the tone for risk sentiment today.
Good luck and good trading, folks!
No thanks to continued aversion to risk, the Swiss franc lost quite a bit of ground to both the safe haven U.S. dollar and the low-yielding Japanese yen. USD/CHF, for instance, rose to .9287 from its day open price at .9244.
No red flags on the economic cupboard this week but we will see the KOF economic barometer on Thursday. It’s projected to print a reading of 1.72, which is slightly higher from the previous month’s 1.67. The KOF economic barometer is a leading indicator designed to predict the direction of the economy for the next 6 months. A rising reading means that the economy is generally growing and getting better.
Thanks to an improvement in risk appetite and lack of Swiss data, the franc had mixed reaction to its counterparts yesterday. USD/CHF slipped by 16 pips while EUR/CHF jumped by 15 pips. Will the franc provide a more interesting show today?
Not likely. Switzerland won’t be releasing any major economic data today, so risk appetite will more likely take over currency trading again. Watch your newswires closely for reports that might affect risk sentiment, such as news over developments in Spain, Japan, or even the corporate earnings data in the U.S.
Thanks to the slide in European and U.S. equities, the Swiss franc lost a lot of ground to the Greenback during yesterday’s trading. USD/CHF started off at .9270, rallied to a high of .9344, then closed at .9329. What’s in store for the franc today?
Switzerland didn’t release any economic reports yesterday and left the franc at the mercy of risk sentiment. With European and U.S. equities chalking up another day in declines though, risk aversion took over the markets and triggered a Swissy selloff.
Switzerland’s economic schedule is empty once more for today, which means that the franc could take its cue from risk sentiment again. Other factors that could drive USD/CHF price action are the PMIs set for release from the euro zone starting 8:00 am GMT and the FOMC statement due 7:15 pm GMT. Be careful out there!
With no data from Switzerland yesterday, the franc had mixed performance against its counterparts. USD/CHF held steady with only a 5-pip gain while EUR/CHF dropped by 8 pips. Meanwhile, GBP/CHF registered a 19-pip uptick.
Since risk sentiment wasn’t really the name of the game yesterday, the franc traded on country-specific factors against its counterparts. Read all about what moved the USD, EUR, and GBP in other sections of my fundamentals review!
No data is scheduled to come out from the land of the Swiss Alps again today, so you might want to keep your eyes on the U.K. for its GDP report or the euro zone for any developments on the Spanish bailout saga.
Good luck and good trading!
Just like the euro, the franc was off to a solid start, as USD/CHF hit a low of .9290 midway through trading yesterday, but soon stumbled to a poor finish. USD/CHF eventually closed at .9345, up 12 pips above its opening price.
Set your alarms for 7:00 am GMT, as we’ve got the KOF economic barometer index headed our way. My minions tell me that the index will print at 1.66, just a point below last month’s reading of 1.67. Take note that the actual release has printed higher than the projection the last 6 times, so there’s chance we may see that happen again today. If it does happen, it may just give the franc a small boost to help erase yesterday’s losses.
Looks like someone was struck with the lazy bug! After an entire day of trading, the Swiss franc had moved just 7 pips lower against the dollar and ended the day unchanged against the euro.
As it turns out, the outlook for the Swiss economy remains “moderately positive,” according to the KOF barometer. The index, which slid from 1.68 to clock in at a reading of 1.67, noted that Switzerland’s yearly GDP growth should stay on the positive side of the equation for the next few months.
Although this definitely isn’t bad news, it doesn’t give us much reason to celebrate either, which is probably why the franc decided to chill on the charts.
Nothing big coming from Switzerland today, but on Thursday it will roll out a couple of noteworthy reports. Retail sales data and the SVME manufacturing PMI are both due for release, and they could spur demand for the franc if they show highly positive results. Make sure you tune in when they come out!
Ay, ay, ay! Without any economic report from Switzerland, the franc was left at the mercy of market sentiment in yesterday’s trading. Unfortunately for the currency, risk aversion sparked by Europe’s woes dictated price action.
USD/CHF finished the day higher at .9367 after opening at .9340.
Our forex calendar is once again blank for reports for the Swissy today. This probably means that we’ll continue to see market sentiment determine its fate on the charts. With that said, keep tabs on updates from the euro zone!
The Swissy put the hurt on the dollar, but it just couldn’t beat the euro. After battling the entire day, it managed to end 40 pips higher against the dollar, taking USD/CHF to .9326. On the other hand, all it could muster against the euro was a stalemate as EUR/CHF finished virtually unchanged at 1.2086.
The UBS consumption indicator came and went… and the charts hardly reacted! The index printed a reading of 1.07, up from its previous reading of 1.02, but the markets didn’t seem to be too interested in the results.
Looking forward, it seems like you’ll have to check out what the U.S. and euro zone have to offer if you plan on trading the Swissy, since the economic calendar is blank for Switzerland today. You may want to track developments in the U.S. in particular since USD/CHF has been more active than EUR/CHF as of late.
The Swiss franc traded in an almost perfect “U” pattern against the safe haven U.S. dollar yesterday. USD/CHF started the day at .9326, fell as low as .9276, and then recovered all of its losses to close the day barely changed at .9314.
The UBS Consumption Indicator was published yesterday. It showed that the indicator recovered slightly from its weak showing in August. It came in with a reading of 1.07, up from 1.02. According to the data, retail sales and overnight stays in hotel drove the rise and new car registrations slumped. Overall, the UBS Consumption Indicator suggests that consumer spending in the current year will make a major contribution to economic growth.
No major data scheduled for release today, but I think we’ll still see a lot of volatility from the Swissy. There is a lot of tier 1 and 2 data set to come out from the euro zone that could indirectly affect the Swissy’s price action.
Halloween may be over, but that didn’t stop the Swissy from pulling out its Dr. Jekyll and Mr. Hyde getup! The currency put up a mixed performance yesterday as it snatched 10 pips from the euro but gave away 6 pips to the dollar. What will it give us today?
You’d think that with yesterday’s upbeat reports, the Swissy would chalk up more convincing gains. Swiss retail sales outperformed forecasts as they showed a 5.4% increase instead of just 4.5%. Likewise, the SVME PMI came in better than expected, increasing from 43.6 to 46.1 in the month of October.
Today, expect action on USD/CHF to pick up as the U.S. is set to publish its NFP report. To find out more about this major market mover, I suggest y’all check out my USD commentary. Peace and good luck trading, folks!
With the Greenback on a roll, there wasn’t much that the Swissy could do last Friday. USD/CHF soared higher, testing as high as the .9400 psychological handle. The question is, can the franc bounce back or is will the losing continue?
Once again, we’ve got nothing on tap from Switzerland, but if we’ve learned anything from Friday’s price action, it’s that we really gotta pay attention to the markets as a whole! If it seems that the dollar is still benefiting from the unloading of riskier positions, we may just see USD/CHF finally puncture through the .9400 mark!
With renewed concerns about Spain, the Swiss franc just couldn’t strut its swag on the charts! Well, at least not in yesterday’s trading. USD/CHF continued to trade higher, opening at .9415 and closing at .9437.
There wasn’t any economic report released from Switzerland. Unfortunately for the franc, this made it vulnerable to risk aversion, sparked by Spain’s refusal to accept a bailout.
Today the SECO consumer confidence index for the third quarter of the year. Be sure you don’t miss it later at 6:45 am GMT as it could affect the franc’s price action. The market expects the figure to show that pessimism among Swiss consumers continued to deteriorate with the forecast down at -21 from Q2’s reading of -17.
If the report comes in better than expected though, we may just see the franc pare some of its losses. Make sure you’re on your toes for it!
Looks like we’re gonna be in for quite a battle between the bulls and the bears on USD/CHF! Yesterday’s price action resulted in a doji-like candle, which means that we’re seeing some indecision in the markets right now. Who will prevail, the bulls or the bears?
The SECO index came in slightly better than projected, printing at -17 once again, after it was expected to dip to -21. This indicates less pessimism amongst Swiss consumers, but also marks that 7[SUP]th[/SUP] consecutive month that the index has printed below 0.0.
Today at 8:00 am GMT, the SNB will be releasing data on the current level of its foreign reserves. Take note that reserves have been climbing the past six months, as the SNB has been defending the EUR/CHF peg. If it turns out that reserves dropped from last month’s level of 429.5 billion CHF, it could lead to a Swissy rally, as it would indicate less interest in the SNB to protect the peg.
Later on at 8:15 am GMT, monthly CPI figures will be released. Expectations are that inflation remained steady at 0.3%. In any case, I don’t really see this as a market mover, as there hasn’t been any speculation that the SNB will be changing interest rates anytime soon.
That’s what you get when negative data rolls in! Worse-than-expected data from Switzerland forced the Swiss franc to give up some ground against the dollar. USD/CHF tapped an intraday low of .9380 only to skyrocket up the charts and finish the day 16 pips above its opening price at .9448.
The CPI report for October printed at 0.1% and disappointed expectations which was for a 0.3% increase. Remember that deflation is one of the biggest issues of the Swiss economy. And so, the worse-than-expected inflation data only highlighted the economy’s weakness.
That, as well as risk aversion following the European Commission’s worried remarks about the EZ economy, didn’t seem to sit well with traders.
Heck, it looks like markets merely shrugged off the SNB’s foreign currency reserves report which printed lower at 424.4 billion CHF in October than September’s reading of 429.5 billion CHF.
Our forex calendar doesn’t have any top tier data due for the franc today. This probably means that market sentiment would dictate its price action on the charts. So be sure to gauge the market’s mood before pulling the trigger!
Thursday turned out to be a directionless day for USD/CHF. After opening the day at .9449, the pair bounced around a relatively tight 42-pip range before closing the U.S. trading session at .9458.
Switzerland’s unemployment report released yesterday confirmed some bad news. It showed that joblessness has indeed risen to 3.0% in October. The unemployment rate had only been at 2.9% the month prior.
No economic data releases scheduled to be published in Switzerland today but there are some tier 2 reports coming out of the euro zone (French and Italian Industrial Production, German CPI) that could indirectly affect the Swissy’s price action. Keep a close eye on them as better-than-expected results could also boost the Swissy.
It looks like there’s just no stopping USD/CHF’s rise! With risk aversion still the dominant theme in Friday’s trading, the pair tapped a new 9-week high at .9500. It then finished the day 29 pips above its opening price at .9487.
The lack of economic data from Switzerland left the franc vulnerable to market sentiment. Unfortunately for the currency, concerns about Europe’s economic growth, Greece’s next tranche of aid, and the U.S. fiscal cliff kept traders away from higher-yielding currencies, seeking instead the safety of the dollar and the yen on Friday.
We still don’t have anything for the franc in today’s trading. With that said and given its performance last week, it would do you well to keep an ear out for updates from the euro zone and the U.S.! Just keep in mind that the franc usually does well when risk appetite is up. Good luck!
Booooooooooooring! The lack of economic catalysts kept the Swissy from exhibiting volatility yesterday. USD/CHF simply moved within a 50-pip horizontal channel the entire day, with the upper boundary of the range located just below the .9500 handle and the lower boundary at .9450.
Today, only one news report will come out from Switzerland. At 8:15 am GMT, the country’s Producer Price Index (PPI) will be released. It’s projected to show that prices increased 0.2% in October after rising 0.3% in September. A rising PPI is normally considered bullish for the domestic currency. When manufacturers pay more for goods, the additional costs are usually passed on to consumers, which could result in a higher inflation rate.
For the second day in a row, the franc snuck a couple of pips away from its counterparts. USD/CHF declined by another 5 pips while EUR/CHF went down by another 13 pips. And to think that Switzerland printed a disappointing data!
Switzerland released its PPI report yesterday, which showed that producer prices fell by 0.1% in October. This is not only weaker than the previous 0.3% uptick, but also lower than the 0.2% growth that analysts were expecting.
Today at 11:00 am GMT we’ll see the country’s ZEW economic expectations data. The report had improved from -34.9 to a -28.9 reading in September, so watch your news wires closely to see if we’re about to see an uptrend for the report!