RTTN: Swiss Franc Shows Mixed Performance Against Majors
(RTTNews) - Thursday, the Swiss franc declined to 3-day and 2-day lows against its European and British counterparts. On the other hand, the franc pared its Asian session gains against the US dollar, while it climbed to a 3-day high against the Japanese yen.
Against the US dollar, the Swiss franc lost ground after hitting a high of 1.0636 at 2:30 am ET Thursday. The franc is currently trading at 1.0683 against the dollar with 1.094 seen as the next target level. The dollar-franc pair closed Wednesday's North American session at 1.0660.
The Swiss currency traded down against the British pound during early deals on Thursday. At 5:40 am ET, the franc declined to a 2-day low of 1.7682 against the pound, compared to Wednesday's closing value of 1.7578. On the downside, 1.784 is seen as the next target level for the franc.
The pound rose after a report showed that U.K.'s retail sales grew above analysts expected in June on signs of improvement in the economy.
Data released by the Office for National Statistics showed today that UK retail sales grew 1.2% month-on-month in June, exceeding economists' expectations for a 0.3% increase. The latest report showed that the 0.6% slump initially recorded for May was downwardly revised to a 0.9% decline.
The franc that closed Thursday's New York deals at 1.5158 against the European currency declined to a 3-day low of 1.5207 at 5:35 am ET Friday. The next downside target level for the Swiss franc is seen around 1.5226.
The French business confidence indicator, Italian retail sales and trade balance and the Euro-zone current account, which were released today likely influenced the euro.
Eurozone recorded a seasonally and working day adjusted of EUR 1.2 billion in May, narrowing from a deficit of EUR6.1 billion in April, revised from a EUR 5.9 billion deficit reported initially, the European Central Bank said today.
Italy's retail sales were flat on a monthly basis in May, data released by the Istat showed today, after falling 0.4% in April. Economists had forecast an increase of 0.1%. Compared to the previous year, there was a decline of 2.9% in sales at Italy's retail shops, quicker than a revised 0.2% fall in the previous month and 2% drop forecast.
Data released by statistical office INSEE showed today that confidence among French businesses improved slightly in July. The business confidence indicator rose to 78 in July from 76 in June, upwardly revised from 75 reported earlier. Economists were looking for a reading of 77.
