The dollar rose to more than one-week highs against the Swiss franc on Friday a day after a robust U.S. nonfarm payrolls report for June sparked speculation that the Federal Reserve could bring forward its timetable for raising interest rates.
USD/CHF was at 0.8945 late Friday, up from 0.8885 on Thursday and ended the week with gains of 0.38%.
The pair was likely to find support at 0.8920 and resistance at 0.9000.
The greenback was boosted after the Labor Department reported that that U.S. economy added 288,000 jobs last month, well above expectations for jobs growth of 212,000.
The previous month’s figure was revised up to a gain of 224,000 from a previously reported increase of 217,000.
The unemployment rate ticked down to 6.1% from 6.3% in May, the lowest in almost six years. The data was released a day early, ahead of the Independence Day holiday on Friday.
The upbeat data revived speculation over when the Federal Reserve may start to raise interest rates.
The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was at 80.31 late Friday, recovering from the two-month lows of 79.84 reached earlier in the week.
In the week ahead, investors will be focusing on Wednesdays’ minutes of the Federal Reserve’s June meeting, while Switzerland is to release reports on inflation and retail sales. The Swiss central bank is also to publish its monthly report on currency reserves.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday as there are no relevant events on this day.
Monday, July 7
- The Swiss National Bank is to publish data on its foreign currency reserves. This data is closely scrutinized for indications of the size of the bank’s operations in currency markets.
- Switzerland is to produce reports on consumer price inflation and retail sales.
- The Federal Reserve is to publish the minutes of its June meeting.
- The U.S. is to release the weekly government report on initial jobless claims.
