Investing.com - The U.S. dollar was lower against the Swiss franc on Wednesday, as sentiment slightly improved as investors eyed the deadline for a Greek debt swap deal although concerns over the economic outlook in the euro zone weighed.
USD/CHF hit 0.9159 during European late morning trade, the daily low; the pair subsequently consolidated at 0.9164, shedding 0.27%.
The pair was likely to find support at 0.9113, Tuesday’s low and resistance at 0.9205, the high of February 17.
Investors focused on the March 8 deadline for the country’s private creditors to sign on to a EUR106 billion debt swap deal, a requirement for Athens to tap a recently approved EUR130 billion bailout fund.
On Tuesday, Greek finance minister Evangelos Venizelos strongly urged private sector creditors to take part in the debt swap deal and warned that bond-holders who rejected the deal would not be paid out later.
Meanwhile, market sentiment remained under pressure amid fears that the euro zone is slipping into a recession after data on Tuesday confirmed that the region’s economy contracted by 0.3% in the last three months of 2011, as household spending, exports and imports all fell.
Earlier in the day, the Swiss National bank said that its foreign currency reserves fell to CHF224.9 billion in February from CHF229.4 billion the previous month.
The data came after a report showing that the Swiss unemployment rate held steady at 3.1%for the third consecutive month in February.
The Swissie was lower against the euro with EUR/CHF adding 0.07%, to hit 1.2057.
Later Wednesday, the U.S. was to publish a report on ADP non-farm payrolls, followed by revised data on non-farm productivity and labor costs, as well as a report on crude oil stockpiles.
USD/CHF hit 0.9159 during European late morning trade, the daily low; the pair subsequently consolidated at 0.9164, shedding 0.27%.
The pair was likely to find support at 0.9113, Tuesday’s low and resistance at 0.9205, the high of February 17.
Investors focused on the March 8 deadline for the country’s private creditors to sign on to a EUR106 billion debt swap deal, a requirement for Athens to tap a recently approved EUR130 billion bailout fund.
On Tuesday, Greek finance minister Evangelos Venizelos strongly urged private sector creditors to take part in the debt swap deal and warned that bond-holders who rejected the deal would not be paid out later.
Meanwhile, market sentiment remained under pressure amid fears that the euro zone is slipping into a recession after data on Tuesday confirmed that the region’s economy contracted by 0.3% in the last three months of 2011, as household spending, exports and imports all fell.
Earlier in the day, the Swiss National bank said that its foreign currency reserves fell to CHF224.9 billion in February from CHF229.4 billion the previous month.
The data came after a report showing that the Swiss unemployment rate held steady at 3.1%for the third consecutive month in February.
The Swissie was lower against the euro with EUR/CHF adding 0.07%, to hit 1.2057.
Later Wednesday, the U.S. was to publish a report on ADP non-farm payrolls, followed by revised data on non-farm productivity and labor costs, as well as a report on crude oil stockpiles.