Investing.com - The U.S. dollar edged higher against the Swiss franc on Thursday, buoyed by diminished expectations for more monetary easing from the Federal Reserve, as investors awaited U.S. economic data later in the day.
USD/CHF hit 0.9799 during European morning trade, the pair’s highest since August 10; the pair subsequently consolidated at 0.9788, gaining 0.16%.
The pair was likely to find support at 0.9730, Wednesday’s low and near-term resistance at 0.9758, the high of August 10.
Data on Wednesday showed that industrial production in the U.S. rose more than expected in July.
The data came one day after a report showed that U.S. retail sales snapped four successive months of declines in July, jumping 0.8%, outstripping expectations for a 0.3% increase and dampening expectations for another round of quantitative easing by the U.S. central bank.
But investors remained cautious after data on Wednesday showed that a gauge of manufacturing activity in New York fell into contraction territory in August for the first time since October 2011.
In Switzerland, the ZEW Centre for European Economic Research said its index of economic sentiment hit a three-month high in August but remained in negative territory, coming in at minus 33.3, from a reading of minus 42.5 in July.
The Swissie was little changed against the euro, with EUR/CHF dipping 0.01% to 1.2010.
The euro remained steady after official data showed that consumer price inflation in the euro zone held steady at 2.4% in July, unchanged from the previous month and in line with market expectations.
Later Thursday, the U.S. was to publish official data on building permits and housing starts, as well as weekly government data on unemployment claims and data on manufacturing activity in the Philadelphia area.
USD/CHF hit 0.9799 during European morning trade, the pair’s highest since August 10; the pair subsequently consolidated at 0.9788, gaining 0.16%.
The pair was likely to find support at 0.9730, Wednesday’s low and near-term resistance at 0.9758, the high of August 10.
Data on Wednesday showed that industrial production in the U.S. rose more than expected in July.
The data came one day after a report showed that U.S. retail sales snapped four successive months of declines in July, jumping 0.8%, outstripping expectations for a 0.3% increase and dampening expectations for another round of quantitative easing by the U.S. central bank.
But investors remained cautious after data on Wednesday showed that a gauge of manufacturing activity in New York fell into contraction territory in August for the first time since October 2011.
In Switzerland, the ZEW Centre for European Economic Research said its index of economic sentiment hit a three-month high in August but remained in negative territory, coming in at minus 33.3, from a reading of minus 42.5 in July.
The Swissie was little changed against the euro, with EUR/CHF dipping 0.01% to 1.2010.
The euro remained steady after official data showed that consumer price inflation in the euro zone held steady at 2.4% in July, unchanged from the previous month and in line with market expectations.
Later Thursday, the U.S. was to publish official data on building permits and housing starts, as well as weekly government data on unemployment claims and data on manufacturing activity in the Philadelphia area.