There is a theme of stability running through the market so far this session and one that data has had little impact on. The market appears to be taking a breather after the volatility at the start of the week and before Friday's US employment report. USD/CHF opened in London at levels around 1.2235-41 and traded sideways in early action.
A small spike to 1.2248 brought out fresh selling and the market dropped to 1.2217. No real trend in the names involved but broad based European interbank action reportedly shaped much of the morning session. Swiss February unemployment data showed that employment remains high. The jobless rate was unchanged at 3.0%, a four-year low.
Employment indicators continue to suggest that any slowing in the economy will be brief. EUR/CHF has also walked a tight line so far Wednesday with 1.6080 Asian highs and 1.6040 European lows. The bulk of the action in Europe has been focused within a tighter 1.6040-1.6060 range. Key levels remain at 1.5930 and 1.6120 with 1.2120 and 1.2255 for the Dollar pairing.
No comments:
Post a Comment