Investing.com - The U.S. dollar hit a session high against the Swiss franc on Monday, as hopes for policy action by the European Central Bank to stem the debt crisis in the euro zone faded, following comments by Germany’s Finance Ministry.
USD/CHF pulled back from 0.9711, the session low, to hit 0.9745 during European morning trade, easing up 0.08%.
The pair was likely to find support at 0.9698, Friday’s low and resistance at 0.9798, last Thursday’s high.
The dollar’s gains came after Germany’s Finance Ministry said they was not aware of any European Central Bank plans to target bond spreads, following media reports that the central bank may set limits on the yields of euro zone government bonds.
German magazine Der Spiegel reported Sunday that the ECB may set an interest rate threshold on purchases of euro-area sovereign debt at its next policy meeting in September, beyond which its bond buying program would be activated.
The ECB declined to comment on the report.
Investors were looking ahead to a series of euro zone meetings later in the week to discuss measures to ease the debt crisis.
Luxemburg Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras on Wednesday, to discuss a two-year extension of the country’s economic reform program.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
The Swissie was steady against the euro, with EUR/CHF unchanged at 1.2010.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.
USD/CHF pulled back from 0.9711, the session low, to hit 0.9745 during European morning trade, easing up 0.08%.
The pair was likely to find support at 0.9698, Friday’s low and resistance at 0.9798, last Thursday’s high.
The dollar’s gains came after Germany’s Finance Ministry said they was not aware of any European Central Bank plans to target bond spreads, following media reports that the central bank may set limits on the yields of euro zone government bonds.
German magazine Der Spiegel reported Sunday that the ECB may set an interest rate threshold on purchases of euro-area sovereign debt at its next policy meeting in September, beyond which its bond buying program would be activated.
The ECB declined to comment on the report.
Investors were looking ahead to a series of euro zone meetings later in the week to discuss measures to ease the debt crisis.
Luxemburg Prime Minister Jean-Claude Juncker, who also heads the group of euro zone finance ministers, was to hold talks with Greek Prime Minister Antonis Samaras on Wednesday, to discuss a two-year extension of the country’s economic reform program.
Market participants were also anticipating the minutes of the Federal Reserve’s August policy meeting later in the week, amid speculation over how close the U.S. central bank may be to implementing another round of stimulus measures.
Upbeat U.S. economic data released last week indicated that the economy may be stabilizing and tempered expectations for another round of quantitative easing by the Fed.
The Swissie was steady against the euro, with EUR/CHF unchanged at 1.2010.
Trade looked likely to remain subdued on Monday, with no significant economic data releases on the calendar, while volumes were light with many market participants on summer holidays.