Investing.com - The U.S. dollar rose to a four-day high against the Swiss franc on Thursday, as investors sought the safety of the greenback following a flurry of weak economic data from the euro zone, the U.K. and China.
USD/CHF hit 0.9179 during European morning trade, the pair’s highest since March 16; the pair subsequently consolidated at 0.9157, gaining 0.40%.
The pair was likely to find support at 0.9094, the session low and resistance at 0.9253, the high of March 16.
Market sentiment was hit early in the session after a report showed that China’s HSBC manufacturing index contracted for a fifth successive month in March, as new orders fell.
The data underlined fears over a possible slowdown in the world’s second largest economy.
In the euro zone, preliminary data showed that manufacturing activity in the region slumped unexpectedly in March, remaining in contraction territory for the eighth consecutive month, sparking concerns that the region’s economy is sliding back into a recession.
Service sector activity in the euro zone declined to the lowest level in four months in March.
A separate report showed that industrial new orders in the euro zone dropped more-than-expected in January, falling 2.3% but the previous months figure was revised up.
Meanwhile, official data showed that U.K. retail sales posted the largest drop in nine months in February and were revised down for the previous month.
The Swissie was steady against the euro, with EUR/CHF dipping 0.01% to hit 1.2054.
Later in the day, the U.S. was to publish official data on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak.
USD/CHF hit 0.9179 during European morning trade, the pair’s highest since March 16; the pair subsequently consolidated at 0.9157, gaining 0.40%.
The pair was likely to find support at 0.9094, the session low and resistance at 0.9253, the high of March 16.
Market sentiment was hit early in the session after a report showed that China’s HSBC manufacturing index contracted for a fifth successive month in March, as new orders fell.
The data underlined fears over a possible slowdown in the world’s second largest economy.
In the euro zone, preliminary data showed that manufacturing activity in the region slumped unexpectedly in March, remaining in contraction territory for the eighth consecutive month, sparking concerns that the region’s economy is sliding back into a recession.
Service sector activity in the euro zone declined to the lowest level in four months in March.
A separate report showed that industrial new orders in the euro zone dropped more-than-expected in January, falling 2.3% but the previous months figure was revised up.
Meanwhile, official data showed that U.K. retail sales posted the largest drop in nine months in February and were revised down for the previous month.
The Swissie was steady against the euro, with EUR/CHF dipping 0.01% to hit 1.2054.
Later in the day, the U.S. was to publish official data on initial jobless claims, while Federal Reserve Chairman Ben Bernanke was to speak.