Ahead of the North American open and USD/CHF still trades a steady path around the 10-Day M/A line (currently at 1.2147). Should the Dollar attempt to recoup its Friday losses then offers are seen into 1.2175 while on the downside 1.2135/40 bids look to prop dips while more support is pegged into 1.2125 and around 1.21. Spot traded a tight band through the European morning despite the fall in Swiss March PMI data from 63.5 to 62.0.
Any break back into the 1.20's needs to clear 1.2080/85 before the downside is cemented. Elsewhere, the SNB's Philipp Hildebrand told local newspaper Tages-Anzeiger that the Swiss monetary policy is "probably still expansive" and interest rates may have to rise further to keep future inflation in check.
Looking ahead, the 14:00 GMT release of the latest US ISM data (March) is eyed as the key short-run event-risk. The Friday US Employment report is seen as the key intra-week reading but much of Europe looks set to miss this one. Domestic players look to the Release tomorrow of March CPI data, where the market is looking for a +0.2% on the year.
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