Investing.com - The U.S. dollar was almost unchanged against the Swiss franc on Monday, as investors remained cautious after Greece’s credit event ruling and renewed concerns over the handling of the country’s financial crisis.
USD/CHF hit 0.9180 during European morning trade, the daily low; the pair subsequently consolidated at 0.9195, inching up 0.07%.
The pair was likely to find support at 0.9156, the low of March 7 and resistance at 0.9228, the high of February 14.
Market sentiment was hit after Friday’s ruling by the International Swaps and Derivatives Association, which said that Greece’s debt swap with private creditors constituted a “credit event” that would activate credit-default swaps, designed to protect investors against losses on Greek sovereign debt.
Investors were also eyeing a meeting of euro zone finance ministers later in the day in Brussels, to give their final approval to a EUR130 billion bailout for Greece.
Ministers were likely to discuss Spain as well, after Prime Minister Mariano Rajoy announced earlier this month that the country would cut its public deficit to 5.8% of annual output, instead of the planned 4.4% this year.
Meanwhile, the greenback remained supported after the Department of Labor said on Friday that the U.S. economy added 227,000 jobs in February after increasing by a revised 284,000 the previous month.
The strong data diminished expectations for a fresh round of asset purchases by the Federal Reserve to help stimulate economic growth.
The Swissie was also steady against the euro with EUR/CHF easing 0.01%, to hit 1.2057.
Later in the day, the U.S. was to publish government data on the federal budget balance.
USD/CHF hit 0.9180 during European morning trade, the daily low; the pair subsequently consolidated at 0.9195, inching up 0.07%.
The pair was likely to find support at 0.9156, the low of March 7 and resistance at 0.9228, the high of February 14.
Market sentiment was hit after Friday’s ruling by the International Swaps and Derivatives Association, which said that Greece’s debt swap with private creditors constituted a “credit event” that would activate credit-default swaps, designed to protect investors against losses on Greek sovereign debt.
Investors were also eyeing a meeting of euro zone finance ministers later in the day in Brussels, to give their final approval to a EUR130 billion bailout for Greece.
Ministers were likely to discuss Spain as well, after Prime Minister Mariano Rajoy announced earlier this month that the country would cut its public deficit to 5.8% of annual output, instead of the planned 4.4% this year.
Meanwhile, the greenback remained supported after the Department of Labor said on Friday that the U.S. economy added 227,000 jobs in February after increasing by a revised 284,000 the previous month.
The strong data diminished expectations for a fresh round of asset purchases by the Federal Reserve to help stimulate economic growth.
The Swissie was also steady against the euro with EUR/CHF easing 0.01%, to hit 1.2057.
Later in the day, the U.S. was to publish government data on the federal budget balance.