30 Jan 2014
EUR/CHF creeps higher on declining CHF haven demand
FXstreet.com (London) - EUR/CHF is grinding back some ground after sharp declines in the pair on haven demand for the Swiss franc earlier this week.
The pair hit a low of CHF1.2213 yesterday on continuing fears over EM contagion after the Turkish central bank was forced to drastically hike rates to try to slow Turkish lira weakness.
KoF indicator misses expectations
There was a slight knock for CHF with the publication of the monthly KoF leading indicator, a composite of business surveys from various sectors of the Swiss economy published by the Swiss Institute for Business Cycle Research (KOF). The index, designed to give a forecast of GDP growth for the next quarter, came in at 1.98, just below expectations of 2.0.
EUR/CHF remains in bullish territory, trading at CHF1.2245, just below a session high of CHF1.2249. However, further upside may be capped by today’s weak Eurozone data.
The pair hit a low of CHF1.2213 yesterday on continuing fears over EM contagion after the Turkish central bank was forced to drastically hike rates to try to slow Turkish lira weakness.
KoF indicator misses expectations
There was a slight knock for CHF with the publication of the monthly KoF leading indicator, a composite of business surveys from various sectors of the Swiss economy published by the Swiss Institute for Business Cycle Research (KOF). The index, designed to give a forecast of GDP growth for the next quarter, came in at 1.98, just below expectations of 2.0.
EUR/CHF remains in bullish territory, trading at CHF1.2245, just below a session high of CHF1.2249. However, further upside may be capped by today’s weak Eurozone data.