 Weekly Predictions - Swiss Economic Outlook - Chf Forecast |
 Jul 6 2009, 12:42
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Friday, Switzerland’s Federal Statistical Office said the consumer price index, or CPI, dropped 1% in June, defying economists’ expectations for no growth. The CPI forecast was to fall 1.1%. As a result, the U.S Dollar fell more than 1% against the Swiss franc today, extending its further losses amid broad-based weakness.
However, traders remained cautious about more intervention by the Swiss National Bank (SNB) to weaken its domestic currency. The SNB has repeatedly intervened in the market this week, thus pushing the Swiss franc to session lows against the Dollar and EUR on Thursday. The CHF pared losses vs. the Dollar, however, after the SNB declined to comment on the latest move. The bullish momentum may continue into the next trading week and the Swiss franc might reach 1.0950 vs. the U.S Dollar. -------------------- FOREXYARD. Your guide to forex trading success. |
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