Investing.com - The U.S. dollar slid to a session low against the Swiss franc in thin trade on Monday, as expectations that world central banks will implement more easing measures to support the global economy supported market sentiment.
USD/CHF hit 0.9718 during European afternoon trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 0.9720, down 0.54%.
The pair was likely to find support at 0.9685, the low of August 8 and resistance at 0.9793, the session high.
Earlier in the day, official data showed that Japan’s economy grew just 0.3% in the three months to June, half as much as expectations for a 0.6% expansion, from an upwardly revised 1.2% in the first quarter, as export demand was hit by the debt crisis in the euro zone.
The data came after data on Friday showing that Chinese exports dropped sharply in July, while imports also slowed, stoking concerns over the outlook for global economic growth.
Investors have viewed recent evidence of a slowdown in global economic growth as increasing the likelihood that world central banks will implement more easing measures to spur the economic recovery.
In the euro zone, official data showed that Greece’s economy contracted less-than-expected in the second quarter.
Greek gross domestic product contracted by 6.2% in the three months to June, less than the 7.0% contraction forecast by economists and slightly less than the 6.5% contraction seen in the first quarter.
Elsewhere, Italy saw borrowing costs rise only slightly after it auctioned EUR8 billion of 12-month government bonds at an average yield of 1.69%, up from 1.55% previously.
The Swissie was little changed against the euro, with EUR/CHF inching up 0.02% to 1.2010.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.
USD/CHF hit 0.9718 during European afternoon trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 0.9720, down 0.54%.
The pair was likely to find support at 0.9685, the low of August 8 and resistance at 0.9793, the session high.
Earlier in the day, official data showed that Japan’s economy grew just 0.3% in the three months to June, half as much as expectations for a 0.6% expansion, from an upwardly revised 1.2% in the first quarter, as export demand was hit by the debt crisis in the euro zone.
The data came after data on Friday showing that Chinese exports dropped sharply in July, while imports also slowed, stoking concerns over the outlook for global economic growth.
Investors have viewed recent evidence of a slowdown in global economic growth as increasing the likelihood that world central banks will implement more easing measures to spur the economic recovery.
In the euro zone, official data showed that Greece’s economy contracted less-than-expected in the second quarter.
Greek gross domestic product contracted by 6.2% in the three months to June, less than the 7.0% contraction forecast by economists and slightly less than the 6.5% contraction seen in the first quarter.
Elsewhere, Italy saw borrowing costs rise only slightly after it auctioned EUR8 billion of 12-month government bonds at an average yield of 1.69%, up from 1.55% previously.
The Swissie was little changed against the euro, with EUR/CHF inching up 0.02% to 1.2010.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.