Investing.com - The U.S. dollar ended the week lower against the Swiss franc on Friday amid heightened expectations that the Federal Reserve will keep its stimulus program in place for longer following testimony by Fed Chairwoman nominee Janet Yellen.
USD/CHF ended Friday’s session at 0.9148, slipping 0.18%. For the week the pair slid 0.51%.
The pair was likely to find support at 0.9090, the low of November 5 and resistance at 0.9190, Friday’s high.
The dollar slid after a report on Friday showed that the Federal Reserve’s Empire state manufacturing index fell to -2.21 from 1.52 in October. Economists had forecast a rise to 5.0.
A separate report showed that U.S. industrial production fell 0.1% in October, after rising by 0.7% in September, compared to expectations for a 0.2% increase.
The data came a day after testimony from Federal Reserve Vice Chairwoman Janet Yellen was seen as cementing the view that the bank will keep its USD85 billion-a-month asset purchase program in place until early next year.
Ms. Yellen said it was "imperative" that the Fed does everything in its power to ensure a robust recovery. She said the quantitative easing program would not continue indefinitely but the timescale for reducing it would be data dependent.
The comments came during a Senate confirmation hearing to take over from Ben Bernanke as head of the central bank in February.
In the week ahead, investors will be closely watching Wednesday’s minutes of the Fed’s most recent policy setting meeting. The U.S. is also to release data on retail sales and consumer prices.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday as there are no relevant events on this day.
Monday, November 18
The U.S. is to release private sector data on the outlook for the housing sector.
Tuesday, November 19
The U.S. is to release data on the employment cost index, an important inflationary indicator.
Wednesday, November 20
The ZEW Institute is to publish a report on economic expectations in Switzerland, a leading indicator of economic health.
The U.S. is to release a series of data including a report on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. The nation is also to publish data on consumer inflation, existing home sales and business inventories.
Later Wednesday, the Federal Reserve is to publish what will be the closely watched minutes of its latest policy meeting.
Thursday, November 21
The U.S. is release data on producer price inflation, as well as the weekly report on initial jobless claims. The U.S. is also to release data manufacturing activity from the Philly Fed.
USD/CHF ended Friday’s session at 0.9148, slipping 0.18%. For the week the pair slid 0.51%.
The pair was likely to find support at 0.9090, the low of November 5 and resistance at 0.9190, Friday’s high.
The dollar slid after a report on Friday showed that the Federal Reserve’s Empire state manufacturing index fell to -2.21 from 1.52 in October. Economists had forecast a rise to 5.0.
A separate report showed that U.S. industrial production fell 0.1% in October, after rising by 0.7% in September, compared to expectations for a 0.2% increase.
The data came a day after testimony from Federal Reserve Vice Chairwoman Janet Yellen was seen as cementing the view that the bank will keep its USD85 billion-a-month asset purchase program in place until early next year.
Ms. Yellen said it was "imperative" that the Fed does everything in its power to ensure a robust recovery. She said the quantitative easing program would not continue indefinitely but the timescale for reducing it would be data dependent.
The comments came during a Senate confirmation hearing to take over from Ben Bernanke as head of the central bank in February.
In the week ahead, investors will be closely watching Wednesday’s minutes of the Fed’s most recent policy setting meeting. The U.S. is also to release data on retail sales and consumer prices.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday as there are no relevant events on this day.
Monday, November 18
The U.S. is to release private sector data on the outlook for the housing sector.
Tuesday, November 19
The U.S. is to release data on the employment cost index, an important inflationary indicator.
Wednesday, November 20
The ZEW Institute is to publish a report on economic expectations in Switzerland, a leading indicator of economic health.
The U.S. is to release a series of data including a report on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity. The nation is also to publish data on consumer inflation, existing home sales and business inventories.
Later Wednesday, the Federal Reserve is to publish what will be the closely watched minutes of its latest policy meeting.
Thursday, November 21
The U.S. is release data on producer price inflation, as well as the weekly report on initial jobless claims. The U.S. is also to release data manufacturing activity from the Philly Fed.