Investing.com - The U.S. dollar was steady against the Swiss franc on Monday, as ongoing concerns over the U.S. budget impasse and a potential sovereign default weighed broadly on demand for the greenback.
USD/CHF hit 0.9093 during European morning trade, the session low; the pair subsequently consolidated at 0.9119, dipping 0.03%.
The pair was likely to find support at 0.9020, the low of October 9 and resistance at 0.935, the high of August 28.
Negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.
European Central Bank President Mario Draghi said it was “unthinkable that an agreement won’t be found”.
In Switzerland, official data showed that producer price inflation rose 0.1% in September, confounding expectations for a 0.1% fall, after a 0.2% increase the previous month.
The Swissie was fractionally higher against the euro with EUR/CHF inching 0.09% lower, to hit 1.2339.
Also Monday, data showed that industrial production in the euro zone rose 1% in August, coming in above expectations for a 0.8% increase.
USD/CHF hit 0.9093 during European morning trade, the session low; the pair subsequently consolidated at 0.9119, dipping 0.03%.
The pair was likely to find support at 0.9020, the low of October 9 and resistance at 0.935, the high of August 28.
Negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.
Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.
European Central Bank President Mario Draghi said it was “unthinkable that an agreement won’t be found”.
In Switzerland, official data showed that producer price inflation rose 0.1% in September, confounding expectations for a 0.1% fall, after a 0.2% increase the previous month.
The Swissie was fractionally higher against the euro with EUR/CHF inching 0.09% lower, to hit 1.2339.
Also Monday, data showed that industrial production in the euro zone rose 1% in August, coming in above expectations for a 0.8% increase.