Investing.com – The U.S. dollar tumbled to a 5-week low against the Swiss franc on Tuesday, after the Swiss government raised its growth forecast for 2011 and as U.S. Treasury yields pulled back from recent highs.
USD/CHF hit 0.9638 during European morning trade, the pair’s lowest since November 9; the pair subsequently consolidated at 0.9654, shedding 0.23%.
The pair was likely to find support at 0.9586, the low of November 9 and resistance at 0.9851, Monday’s high.
Earlier in the day, Switzerland’s State Secretariat for Economic Affairs said the government now expected growth of 1.5% for 2011 and 1.9% in 2012 and said the Swiss economy should grow by 2.7% this year.
In September it had forecast growth of 1.2% for 2011, as the strong franc weighed on the country’s economic recovery.
"However, thanks to the relative resilience of the domestic economy so far, the expected slowdown should remain limited," the SECO said in a statement.
Meanwhile, the Swissy was down slightly against the euro, with EUR/CHF easing up 0.02% to hit 1.2959.
Later in the day, the U.S. was to release official data on retail sales and producer price inflation. In addition, the Federal Reserve was to announce its federal funds rate.
USD/CHF hit 0.9638 during European morning trade, the pair’s lowest since November 9; the pair subsequently consolidated at 0.9654, shedding 0.23%.
The pair was likely to find support at 0.9586, the low of November 9 and resistance at 0.9851, Monday’s high.
Earlier in the day, Switzerland’s State Secretariat for Economic Affairs said the government now expected growth of 1.5% for 2011 and 1.9% in 2012 and said the Swiss economy should grow by 2.7% this year.
In September it had forecast growth of 1.2% for 2011, as the strong franc weighed on the country’s economic recovery.
"However, thanks to the relative resilience of the domestic economy so far, the expected slowdown should remain limited," the SECO said in a statement.
Meanwhile, the Swissy was down slightly against the euro, with EUR/CHF easing up 0.02% to hit 1.2959.
Later in the day, the U.S. was to release official data on retail sales and producer price inflation. In addition, the Federal Reserve was to announce its federal funds rate.