The USD/CHF trading at 0.9143 up from the opening of 0.9118 as the USD picked up steam in today's trading session. The USD moved up against most of its major trading partners, on the back to back positive testimony by Bernanke and Geithner. As well as an existing home sales report, that came in slightly under forecast but had a silver lining, showing life in the real estate markets.
In Europe today, the only data effecting the Franc was report from the RWI economic institute raised its forecast for the country's 2012 economic growth Wednesday, but warned that risks to the outlook remain significant. Germany's economy is likely to grow 1.0% in 2012, up from a December forecast of 0.6%
This pair will most likely say in this trading range for the rest of the week.
Economic Data March 21, 2012 actual v. forecast
MI Leading Index (MoM)
Credit Card Spending (YoY)
All Industries Activity Index (MoM)
Thai Trade Balance
Thai Interest Rate Decision
MPC Meeting Minutes
Public Sector Net Borrowing
German 2-Year Schatz Auction
MBA Mortgage Applications
Leading Indicators (MoM)
Fed Chairman Bernanke Testifies
Existing Home Sales
Mexican Retail Sales (YoY)
09:00 EUR French Manufacturing PMI
09:30 EUR German Manufacturing PMI
10:00 EUR Manufacturing PMI
The European, French, and German Manufacturing Purchasing Managers' Index (PMI) measure the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company's performance, which can be a leading indicator of overall economic performance.
10:30 GBP Retail Sales (MoM)
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
11:00 EUR Industrial New Orders (MoM)
Industrial New Orders measures the change in the total value of new purchase orders placed with manufacturers. It is a leading indicator of production.
13:30 USD Initial Jobless Claims
13:30 USD Continuing Jobless Claims
Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. Continuing Jobless Claims measures the number of unemployed individuals who qualify for benefits under unemployment insurance.
17:00 EUR ECB President Draghi Speaks
Mario Draghi (born 3 September1947) is an Italian banker and economist who has been governor of the Bank of Italy and succeeded Jean Claude Trichet as President of the European Central Bank starting November 2011. As head of the ECB, which controls short term interest rates, he has more influence over the EUR value than any other person. His comments may determine a short-term positive or negative trend.
Government Bond Auctions (this week)
Mar 22 10:10 Sweden I/L bond auction
Mar 22 10.30 UK Auctions 0.625% 2042 I/L Gilt
Mar 22 15:00 US
Announces auctions of 2Y Notes on Mar 27, 5Y Notes on Mar
28 & 7Y Notes on Mar 29
USD/CHF Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3