Forex: USD/CHF slowly rising after EMU trade surplus
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USD/CHF
FXstreet.com (Barcelona) - The effect the weekend had on the USDCHF chart was a plunge down to 0.9158 as the week started, but then the pair quickly retraced and posted a high at 0.9195 in mid Asian session. The pair trades quietly around 0.9185, with a sent of an upside after the EMU data.
The seasonally adjusted trade balance points to a narrower surplus from ¬11B to ¬7.9B, while the non-seasonally adjusted surplus widened less than expected, from ¬9.5B to ¬10.2B (consensus of ¬15.5B). The Q3 labor cost in the Eurozone rose from +1.9% (revised from +1.6%) to +2.0%.
The market had to price in news that Boehner proposed a tax raise to >$1M incomes from 35% to 39.6% to help on the US fiscal cliff matter, while in Asia, the fiscally expansive LDP party won (with around 2/3 of the seats) the general election taken in Japan and is being reported that China may also loosen its monetary policy in 2013.
"Brief corrective action on oversold near-term conditions strong barriers at 0.9200/40 area that are expected to cap, with 0.9100 zone seen in the near-term focus, as the pair resumes broader downtrend from 0.9970, 24 July annual high", wrote Windsor Brokers analyst Slobodan Drvenica.
The seasonally adjusted trade balance points to a narrower surplus from ¬11B to ¬7.9B, while the non-seasonally adjusted surplus widened less than expected, from ¬9.5B to ¬10.2B (consensus of ¬15.5B). The Q3 labor cost in the Eurozone rose from +1.9% (revised from +1.6%) to +2.0%.
The market had to price in news that Boehner proposed a tax raise to >$1M incomes from 35% to 39.6% to help on the US fiscal cliff matter, while in Asia, the fiscally expansive LDP party won (with around 2/3 of the seats) the general election taken in Japan and is being reported that China may also loosen its monetary policy in 2013.
"Brief corrective action on oversold near-term conditions strong barriers at 0.9200/40 area that are expected to cap, with 0.9100 zone seen in the near-term focus, as the pair resumes broader downtrend from 0.9970, 24 July annual high", wrote Windsor Brokers analyst Slobodan Drvenica.
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