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Forex - USD/CHF slips lower ahead of U.S. GDP, jobless reports

Published 08/28/2014, 05:25 AM
Updated 08/28/2014, 05:25 AM
Dollar loses ground vs. Swissie as markets eye U.S. data

Dollar loses ground vs. Swissie as markets eye U.S. data

Investing.com - The U.S. dollar slipped lower against the Swiss franc on Thursday, after Swiss employment data barely missed market expectations and as investors eyed upcoming U.S. data on second quarter growth and weekly jobless claims.

USD/CHF hit 0.9126 during European morning trade, the pair's lowest since August 22; the pair subsequently consolidated at 0.9132, edging down 0.19%.

The pair was likely to find support at 0.9104, the low of August 22 and resistance at 0.9186, Wednesday's high and a more than nine-month high.

Market participants turned to data on U.S. second quarter GDP and the weekly government report on initial jobless claims due later in the day for further indications on the strength of the U.S. economic recovery.

Last week, Federal Reserve Chair Janet Yellen said at Jackson Hole that the U.S. economy is recovering and added the labor market is improving as well.

In Switzerland, official data on Thursday showed that the number of employed people rose to 4,200 million in the last quarter, from 4,192 million in the three months to April. Analysts had expected the number of employed people to rise to 4,210 million in the second quarter.

The Swissie was little changed against the euro, with EUR/CHF inching down 0.03% to 1.2064.

Also Thursday, data showed that the number of unemployed people in Germany rose by 2,000 last month, confounding expectations for a decline of 5,000. The change in the number of unemployed people for June was revised to a 11,000 drop from a previously estimated 12,000 decline.

Separately, preliminary data showed that consumer price inflation in Spain fell at an annualized rate of 0.5% this month, compared to expectations for a 0.2% downtick, after a 0.3% fall in July.

Meanwhile, expectations for fresh easing by the European Central Bank slightly eased after German Finance Minister Wolfgang Schauble said on Wednesday that ECB President Mario Draghi's recent comments on the matter have been "over-interpreted."

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