Forex: USD/CHF rides back to daily highs

The USD/CHF went back to its highs right after the publication of US ISM non-manufacturing PMI. There is a broader demand for the greenback once investors noticed stronger non-manufacturing figures in the US in February instead of the expected drop to 55.0. Data rose from 55.2 to 56.0. The USD/CHF is back above 0.9420.

The ISM non-manufacturing PMI rose from 55.2 to 56.0 in February, instead of dropping to 55.0 as expected, surprising investors positively. Also out was the March IBD/TIPP Economic Optismism (MoM) that was expected to drop from 47.3 to 46.3, but actual data disappointed investors with the figure of 42.2.

“USD/CHF has broken its key resistance area defined by its declining channel and 0.9389 (18/01/2013 high)”, wrote MIG Bank analyst Bijoy Kar, pointing to resistance at 0.9513 (13/11/2012 high), while hourly supports can be found at 0.9352 (01/03/2013 low) and 0.9281 (28/02/2013 low).

Mar 5, 2013

Forex Flash: Near-term commodity prices look to rise – NAB

Once again, movements in commodity prices have been dominated by events in China and growing speculation over the timed withdrawal of QE stimulus by the US Fed. With market participants on the sidelines throughout most of February due to many of the Asian economies celebrating the Lunar New Year, prices of most of the commodities were relatively steady over the first half of the month, although most industrial commodities prices have pulled back a little more recently.

Forex: USD/JPY testing session highs on better US ISM

The Japanese yen leapfrogged from the proximities of 93.10 to the current area around 93.50 after the US ISM Non-Manufacturing PMI rose to 56 during February, exceeding estimates at 55.0 and January’s...