192 days ago
#Swiss #franc launches strong rebound vs #dollar. $DXY $SPY #fx #trading
Swiss retail sales in May disappointed strongly coming in at -3.7% versus expectations of -1.4%, suggesting Swiss consumption is much softer than previously thought. This is the weakest number since a year ago when retail sales also fell before rebounding in the summer month. Today's data gave a reason for traders to ditch the Swiss franc, which continued to weaken against the dollar. The next leg higher could take the USD/CHF to around 0.94. This is consistent with our trade idea, in which we wrote about in yesterday's weekly forex ideas.