(RTTNews) - The Swiss franc exhibited recovery trend against other major currencies during Wednesday's North American session. The franc recovered from an 8-day low against the pound and more than a 2-week low against the euro. Meanwhile, the franc recouped early European session's losses against the dollar.
Presently, the franc is trading at 1.0567 against the dollar, from an early European session's low of 1.0619. The franc closed yesterday's trading at 1.0545 against the dollar.
Business inventories showed a modest increase in the month of May, according to a report released by the U.S. Commerce Department on today, although the report also showed a notable decrease in business sales during the month.
The report showed that business inventories edged up by 0.1 percent in May following an unrevised 0.4 percent increase in April. The modest increase came in slightly below economist estimates for a 0.2 percent increase in inventories.
A separate data showed that retail sales fell by 0.5 percent in June following a revised 1.1 percent decrease in May. Economists had expected a more modest decrease in sales of about 0.2 percent compared to the 1.2 percent drop originally reported for the previous month.
Moving up from more than a 2-week low of 1.3493 against the euro hit at 2:25 am ET, the franc rose to 1.3415 against the euro at 10:05 am ET. As of now, the franc is worth 1.3428 against the euro, compared to yesterday's closing quote of 1.3421.
The Italian and the Euro-zone CPI for June and Euro-zone industrial production for May, which were released today likely influenced the euro.
Against the yen, the franc has been extending its previous session's downtrend in North American session on Wednesday. Presently, the franc is trading at 83.68 against the yen, compared to an early Asian session's 2-day low of 84.45. At yesterday's close, the franc was worth 84.15 against the yen.
As of now, the franc is worth 1.6098 against the pound, from an 8-day low of 1.6170 hit in early European deals. The franc closed yesterday's trading at 1.6007 against the pound.
The pound rallied today across the board on improved risk appetite following Intel's better than expected results.
Additionally, a report showed today that the number of people claiming Jobseeker's Allowance in the U.K. declined more than expected in June.
Looking ahead, the Federal Reserve is scheduled to release the minutes of its June 22nd-23rd Federal Open Market Committee meeting at 2:00 pm ET.
