Investing.com – The U.S. dollar surged to a 7-day high against the Swiss franc on Tuesday, ahead of the release of minutes from a key Federal Reserve meeting and after data showed that risk of deflation in Switzerland was fading.
USD/CHF hit 1.0721 during early U.S. trade, its highest since March 26; the pair subsequently consolidated at 1.0701, gaining 0.75%. USD/CHF was likely to find resistance around 1.0898, the high of Feb. 19, and support at 1.0435, last Thursday's low.
Earlier Tuesday, official data showed that Swiss consumer price inflation accelerated in March, boosted by rising energy costs, in a sign that deflation risks were fading. According to a government report, Swiss consumer prices rose 0.1 percent compared to February and were 1.4 percent higher than one year ago, as economists had expected.
Swissy also tumbled versus the yen, with CHF/JPY shedding 1.2% to reach 87.77.
Later in the day, the U.S. Federal Reserve was due to publish the minutes of its Federal Open Market Committee's latest meeting, providing insights into the economic conditions that influenced its decision on where to set interest rates.
USD/CHF hit 1.0721 during early U.S. trade, its highest since March 26; the pair subsequently consolidated at 1.0701, gaining 0.75%. USD/CHF was likely to find resistance around 1.0898, the high of Feb. 19, and support at 1.0435, last Thursday's low.
Earlier Tuesday, official data showed that Swiss consumer price inflation accelerated in March, boosted by rising energy costs, in a sign that deflation risks were fading. According to a government report, Swiss consumer prices rose 0.1 percent compared to February and were 1.4 percent higher than one year ago, as economists had expected.
Swissy also tumbled versus the yen, with CHF/JPY shedding 1.2% to reach 87.77.
Later in the day, the U.S. Federal Reserve was due to publish the minutes of its Federal Open Market Committee's latest meeting, providing insights into the economic conditions that influenced its decision on where to set interest rates.