After the Roth comments yesterday and the Jordan comments today the Franc started the day on a high. The exiting of carry trades saw USD/CHF sold back to 1.2270 as EUR/CHF ran the stops noted below 1.6525. Swiss and other assorted name buyers stalled the move lower before a Dollar bid-tone emerged and forced the pair to bounce.
Rates broke back into the 1.23's but US player sales into 1.2310/15 capped and the price has since traded a choppy range near the 1.23 mark. EUR/CHF hit 1.6505 amid the early Franc strength but the late volatility has seen the price look to bounce. Offers into 1.6525/30 cap. Looking ahead, US data is sparse in North American trading with weekly mortgage data already in circulation. At 13:30 GMT, the Fed Board of Governors meet in Washington to hold an open meeting on "open-end credit".
Following this, more Kroszner comments are set to air around 17:00 GMT. Local traders look to the Swiss data due later this week. Trade balance data and the Friday KOF Leading Indicator are expected to provide some support for the CHF in the wake of the hawkish Roth and Jordan comments.
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