CHF continues to gain ground against US dollar
- Last Updated on 09 February 2012
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The USD/CHF pair continued to fall throughout the day yesterday, as positive euro-zone news weakened demand for the safe-haven US dollar. The pair has fallen for the last four days, as European data continues to generate risk taking among traders. A better than expected US unemployment figure released yesterday did little to change the trend of the pair, as European news continues to determine market trends.
Turning to today, traders will want to keep an eye on economic indicators from both the UK and US. With both the British Retail Sales and US Existing Home Sales forecasted to come in significantly better than last month's, the franc may maintain its current bullish trend to close out the week. At the same time, with the euro-zone as fragile as it is at the moment any negative data may cause traders to revert back to safe haven currencies like the USD, likely at the expense of the franc.