Investing.com - The U.S. dollar fell to one-week lows against the Swiss franc on Friday before paring back some losses as markets digested a weaker-than-expected U.S. jobs report for January.
USD/CHF hit 0.8962, the lowest since January 30 and was last down 0.29% to 0.8982. For the week, the pair slid 0.33%.
The pair is likely to find support at 0.8937, the low of January 30 and resistance at 0.9021, Friday’s high.
The U.S. economy added 113,000 jobs in January, the Labor Department said, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs.
It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.
Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.
The report was seen as unlikely to derail reductions in the Federal Reserve’s stimulus program. The bank announced a second $10 billion cut to its asset purchase program in January, reducing it to $65 billion-per-month.
Elsewhere, the euro was little changed against the Swiss franc on Friday, with EUR/CHF edging up 0.02% to 1.2245 at the close.
Earlier Friday Germany's constitutional Court ruled that the European Central Bank’s bond-buying program may exceed its mandate, and referred it to European Court of Justice.
In the week ahead, Fed Chair Janet Yellen is to testify to Congress on the bank’s semiannual monetary policy report in Washington. Her comments will be closely watched. U.S. data on retail sales and consumer sentiment will also be in focus.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Monday as there are no relevant events on this day.
Tuesday, February 11
Federal Reserve Chair Janet Yellen is to testify on the bank’s semiannual monetary policy report before the House Financial Services Committee, in Washington.
Wednesday, February 12
Switzerland is to publish data on consumer price inflation, which accounts for the majority of all inflation.
Thursday, February 13
Switzerland is to publish data on producer price inflation.
The U.S. is to produce data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. The nation is also to release the weekly report on initial jobless claims.
Federal Reserve Chair Janet Yellen is to testify on the bank’s semiannual monetary policy report before the House Financial Services Committee, in Washington.
Friday, February 14
The U.S. is to wrap up the week with the closely watched preliminary reading of the University of Michigan’s consumer sentiment index. The U.S. is also to release data on import prices and industrial production.