While the other major European currencies suffered the wrath of the Greenback, the Swissy was actually able to hold steady and even post some respectable gains! USD/CHF started the day at .9474 and then tumbled to close the U.S. trading session at .9452.
Apparently, the Swissy’s rally was sparked by International Monetary Fund (IMF)'s Christine Lagarde’s comments. She said that the IMF expects Greece’s debt sustainability and other problems to be fixed.
On the economic front, the ZEW Economic Expectations survey got slightly better. It came in with a reading of -27.9 for the month of October, which was an improvement from September’s -28.9.
Switzerland’s forex calendar doesn’t have any red flags today but given its performance yesterday, we could see more gains from the Swissy. In any case, still do keep an ear open for updates from the euro zone. Good news regarding the region’s debt situation could benefit the Swissy positively.
Boy, is the Swissy on a roll or what! For the fourth straight day, it posted gains against the dollar as USD/CHF slipped another 20 pips to end at .9424. Will it sweep the dollar this week?
The Swissy has been a real standout in recent days as it has been one of the few currencies to hold its ground against the dollar. At the moment, it seems to be reprising its role as a safe haven!
But its rally may come to an end later today as SNB Chairman Jordan is scheduled to deliver a speech entitled “Monetary policy in the financial crisis – Measures, effects, risks” at 7:30 am GMT! If Jordan makes dovish remarks or hints about a future Swissy intervention, it could lead the Swissy to give back all its gains.
The Swiss franc received a big fat “F” for its performance last Friday as it was unable to hold its ground versus the safe haven U.S. dollar. USD/CHF, which began the day at .9429, closed the U.S. trading session higher at .9464.
No data was released last Friday and the economic docket will be extremely light again this week. On Tuesday, the country’s trade balance will be released.
It will publish on Tuesday, at 7:00 am. It’s projected to show a 2.09 billion CHF surplus for the month of October, which is slightly higher than the previous month’s 1.93 billion CHF surplus. A growing surplus is generally considered good for the Swissy because it usually means that demand for Switzerland’s exports is rising.
Who needs economic data when risk sentiment is all the franc needs? The Swiss franc triple roundhouse kicked its counterparts yesterday, dragging USD/CHF by 47 pips and GBP/CHF by 63 pips.
No data was released from Switzerland yesterday, but it might have helped the currency that SNB Chairman Thomas Jordan reaffirmed the central bank’s commitment to cap the franc’s gains. The news would normally weigh on the currency, but in times of unpredictable price action, a little stability is enough for some traders.
Switzerland won’t be releasing economic reports again today, but that doesn’t mean that you should stay away from the charts!
It’s a stalemate, folks! The Swiss franc ended the day practically unchanged against the Greenback as EU finance ministers seem to be at a gridlock with their decision on Greece. USD/CHF ended the day at .9406, just a couple of pips up from its open price. Which way will it go today?
Switzerland’s trade balance came in better than expected for October as it reported a 2.82 billion CHF surplus, higher than the estimated 2.36 billion CHF reading and the previous month’s 1.93 billion CHF surplus. Even though this indicates an improvement in Switzerland’s trade industry, the franc barely reacted to this news as Swissy traders were all eyes and ears on the Eurogroup meetings.
There are no reports due from Switzerland today, which means that the Swissy could be swayed by risk sentiment during the next trading sessions. Do keep your eyes and ears peeled on any updates on the EU ministers’ meeting!
Now that’s what I call a comeback victory! The Swissy looked as though it was gonna end the day with a huge loss against the dollar, as USD/CHF climbed to as high as .9459 in the Tokyo session. But once the London session kicked in, sellers took control and dragged the pair all the way down to .9389! At the end of the day, it finished 17 pips below its open price. Will momentum push the pair lower?
What caused yesterday’s big move? Dollar aversion, bro! USD/CHF exhibited the same moves as other dollar pairs, as the Greenback was dumped heavily in yesterday’s trading.
For today, it looks like we’ll have to keep track of risk sentiment since Switzerland won’t be publishing any reports. But keep in mind that the U.S. is celebrating Thanksgiving, so there’s a chance that the markets may be quieter than usual in the New York session.
As though a day’s worth of winnings ain’t enough, the Swissy extended its rally against the Greenback and scored another set of wins yesterday! USD/CHF started the day at .9389 and closed at .9351. Will its good streak come to an end today?
The lack of economic data on Switzerland’s schedule didn’t stop the Swissy from taking advantage of the improvement in risk appetite yesterday. As it turns out, most of the euro zone PMIs came in stronger than expected for October while China’s HSBC flash manufacturing PMI reflected an expansion in the industry. That was more than enough to put the Swiss franc in a good mood!
There are no reports on Switzerland’s schedule for today, which means that anything can happen! Don’t forget that most traders are off hunting for Black Friday deals today so the lower liquidity in the markets could lead to higher volatility. Stay on your toes!
It looks like the Swissy saved the best for last! After chalking up solid gains against the dollar from Monday through Thursday, it ended the week with its most impressive performance, taking USD/CHF down another 67 pips to .9284.
Once again, no reports from Switzerland, but lucky for the Swissy, the markets bought it up anyway! With the euro zone working on delivering Greece’s next emergency loan, traders were feeling hopeful and showed their confidence by dumping the safe haven dollar. This worked out to the benefit of the Swissy, as USD/CHF moved sharply in favor of the Swiss currency.
Up head, we’ve got a heavy week of data coming our way.
We’ll get our first taste of stats at 8:15 am GMT today, when Switzerland is due to publish its employment report. It’s expected to show a total of 4.09 million jobs in Q3 2012, up slightly from the 4.07 million we saw in Q2.
Then on Wednesday, we’ll pick up with a speech from SNB Chairman Jordan about “Monetary Policy and Investment Policy of the National Bank in the Sign of the Strength of the Franc.” Hold on to your seats when this event comes around because there’s a chance the central bank top dog will hint about future policy moves… or maybe even an intervention!
On Thursday, the Swiss quarterly GDP report will finally be due. Look for it to show a 0.2% growth following Q2’s 0.1% contraction. And finally on Friday, we’ll take a look at the KOF Economic Barometer, which is expected to slide from 1.67 to 1.61.
With so many reports and events scheduled this week, a handful of trading opportunities could pop up on USD/CHF, so stay on your toes and keep your eyes open, fellas!
Looks like USD/CHF traders had the Monday blues, as we barely saw any movement on the Swissy! The pair traded within a range of just 25 pips, finishing at .9288, just 4 pips lower on the day. Could we see more the same today?
Employment figures came in better than expected, as the employment level rose to 4.12 million in the past quarter. This marked a 500,000 jump from the previous quarter and was much higher than the projected level of 4.09 million. This marks the highest level of employment since May 2011! Boo yeah, baby!
No biggies on tap for today, but of course, that doesn’t mean you can just chill out! Watch out for data coming out from the euro zone and U.S, as you never know what might rocky the Swissy’s socks!
Traders finally put a stop to the Swissy’s 4-day winning streak as USD/CHF finally ended the day in the green. The pair traded quietly for the most part, rising gently in the London and New York sessions to finish 20 pips higher at .9308.
Looking ahead, we finally have something to look forward to in Switzerland. At 5:15 pm GMT, SNB Chairman Thomas Jordan is expected to deliver a speech on “Monetary Policy and Investment Policy of the National Bank in the Sign of the Strength of the Franc.”
This event could turn out to be a major market mover if Jordan hints at a future intervention, so don’t even think about missing it!
For the second day in a row, we got some wacky action on USD/CHF. It looked as if the pair was going to shoot higher for new highs, but after topping out at .9342, USD/CHF came crashing back down to its opening price at .9307.
In his speech yesterday, SNB Chairman Thomas Jordan talked about the “substantial risks” that could take its toll on the central bank’s balance sheet due to the bank’s currency reserve accumulation. Could this be a sign that the SNB is loosening its grip on the franc floor?
Watch out for GDP figures headed our way later at 6:45 am GMT. Word on the street is that the Swiss economy grew by 0.2% last quarter, which would mark a decent improvement over the -0.1% decrease we saw during the 2[SUP]nd[/SUP] quarter. If this report comes in better than expected, it could give the franc some fuel to rally.
Just when we thought that the franc is in for another losing day, risk aversion settled in the markets and boosted the low-yielding currency. USD/CHF slipped by 27 pips while GBP/CHF also fell by 21 pips.
It might have helped Switzerland’s currency that its GDP reading came in at a whopping 0.6% for the third quarter, which is a heck of a lot better than the second quarter’s -0.1% figure and the expected 0.2% number.
It wasn’t until the U.S. session when the franc bulls got fired up though. Thanks to mixed statements from the U.S. officials, investors got worried over the solution for the Fiscal Cliff and sold high-yielding currencies in favor of the safe havens like the franc.
Only the KOF economic barometer at 9:00 am GMT is scheduled from the Land of the Swiss Alps today, so stay at the edge of your seats in the later trading sessions in case the Fiscal Cliff talks drive risk sentiment again today!
Talk about going off early before the weekend! USD/CHF went into hibernation mode last Friday, trading within a range of just 33 pips to end the week at .9272.
Even the worse-than-expected KOF economic barometer index failed to wake up Swissy players when it came in at just 1.50. Not only was this lower than last month’s reading of 1.64, but it was also lower than the projected score of 1.61 and was the lowest reading since last July!
Today, we’ve got a couple of second tier reports headed our way in the form of Swiss retail sales and the SVME PMI due at 8:15 am and 8:30 am GMT, respectively. Retail sales are projected to have posted year-on-year growth of 3.9%, while the SVME index, which basically reflects business sentiment, is estimated to print at 47.3. If these reports come in much better than expected, USD/CHF may just drop to new lows!
Despite negative Swiss data, the franc was still sexy in yesterday’s trading and it knew it. USD/CHF continued to trade lower, trading around the .9250 minor psychological handle before closing the day 31 pips below its opening price at .9257.
Switzerland’s retail sales report for October printed at 2.7% versus the 3.9% consensus. As if that wasn’t bad enough, September’s reading was revised down to 5.0% after being initially reported at 5.4%. Yikes!
Good thing there was the positive SVME PMI figure, which came in higher than the 47.3 forecast at 48.5, to offset some of the negative vibes.
It also helped the franc that risk appetite was up thanks to the recent developments in the euro zone. So make sure you keep close tabs on market sentiment in today’s trading! We don’t have any Swiss data coming out, so the franc will probably take more cue from the market’s mood in today’s trading.
While other major currencies staged magnificent rallies versus the Greenback, the Swissy found itself just trading sideways for the entire day yesterday. USD/CHF started the Asian trading session at .9257 and moved horizontally all day, finding support at .9245 and resistance at .9295.
Switzerland’s economic calendar was dead yesterday as no major news report was released. I suspect USD/CHF’s price action today will be very similar to yesterday since the economic cupboard will be empty again. Nevertheless, we all know how market sentiment can turn on a dime, so don’t get married to a position! Be careful out there folks!
The franc sure put up a good fight! It managed to pare some of its losses against the dollar after USD/CHF tapped an intraday high at .9301. Sadly though, its efforts weren’t enough to finish with a win. The pair then traded lower but closed the day 2 pips above its opening price at .9262.
The lack of economic data left the currency vulnerable to the market’s mood swings yesterday. But fret not, for today, we have a few reports from Switzerland!
At 6:45 am GMT, the country’s unemployment rate for November is anticipated to remain steady at 3.0%. Then at 8:15 am GMT, its CPI is seen to print at -0.1% for the same month.
Better-than-expected figures may just spur the currency, so make sure you’re on your toes for 'em!
Blood, blood everywhere! The Swiss franc came out of the forex market bleeding yesterday as it was beaten badly by the safe haven U.S. dollar. USD/CHF closed yesterday at .9330, 68 pips higher from its opening price that day.
Risk aversion was behind the franc’s sell-off. The S&P yesterday said that it has downgraded the Greece’s rating again, this time to selective default. The credit rating agency said that the bond-buying program of the country was equivalent to distressed sovereign debt restructuring.
In other news, Switzerland’s consumer price index failed to meet forecast. It showed that prices fell 0.3% in November, lower than the flat reading the market had initially expected. It was also opposite the 0.1% gain seen the month before.
Today, we will see the Swiss National Bank (SNB)'s report on its foreign currency reserves at 8:00 am GMT. The report provides us an inside look into the central bank’s currency operations (like how they much money they’ve spent in defending the EUR/CHF floor), so it’s an important report to watch.
The franc’s price action was as mixed as the reactions to the Pacquiao-Marquez fight as it beat the euro but lost to the Greenback. USD/CHF rose by 15 pips while EUR/CHF dropped for the third day in a row at 1.2081.
The only report out from Switzerland last Friday was the foreign currency reserves data, which fell for the second month in November. The numbers hint that the SNB might be taking a chill pill from actively defending the 1.2000 lid on EUR/CHF as the euro showed strength during the month.
We won’t see any Swiss data action until the SECO economic forecasts is printed on Thursday followed by the SNB’s interest rate decision and press conference sometime around 9:30 am GMT on the same day.
Just like boxing superstar Juan Manuel Marques, the Swiss franc was finally able to take its revenge on the U.S. dollar yesterday. The currency, after two straight losing days, brought its A-game yesterday and rallied 40 pips versus the U.S. dollar. USD/CHF closed the day at .9333 from .9373.
The franc’s rally came at the heels of improved risk appetite. In Greece, it was reported that the 30 billion EUR bond buy-program was a huge success. This will enable Greece to reduce its debt by 10 billion EUR and allow it to avail of the next tranche of bailout fund for this month.
Today, only the ZEW economic expectations survey will be released. It’s scheduled to come out at 10:00 am GMT. For the month of October, the reading was at -27.9. Let’s see if we’ll see an improvement for November.
The franc stepped into Loserville yesterday as it lost against its counterparts save for the Greenback. USD/CHF might have slipped by 6 pips, but EUR/CHF had also shot up by 48 pips while GBP/CHF also rose by 29 pips. What gives?
Remember when Credit Suisse Group AG announced that it’s going to charge clients for its franc deposits? Apparently, UBS AG is now following suit! With two major banks now charging extra for holding franc deposits, it’s no wonder franc traders are on the bears’ team.
Only the ZEW economic expectations report at 11:00 am GMT is expected to be released today, so you might want to read up on which banks are likely to jump in the bandwagon of charging for franc deposits. Watch your charts closely in case we see more franc weakness!