Dollar seen recovering against swissy after two-month low

ForexNewsNow | Published on December 24, 2010 at 2:39 pm

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Swiss flagNEW YORK (Forex News Now) – The dollar recovered against the swissy on Friday, after hitting a new two-month low the previous morning following three weeks of mostly losses.

In currency market trading, USD/CHF traded at 0.9630 at around 7:30 P.M., GMT on Friday, a rise of 0.43% on the day, after hitting the low of 0.9498 the previous morning as investors shifted to safer funds due to concerns over the ongoing euro zone debt crisis.

Trading in the currency pair was mostly affected by the crisis and by the continuing threat of war on the Korean peninsula, as usual financial business was generally quieter due to the upcoming Christmas holiday period.

The major report to have an impact on the pair was the release of data on Switzerland’s trade balance, which showed that the surplus dropped a little more than forecast this month – falling to 1.93 billion after an expected surplus of 1.98 billion.

FX traders can expect another quiet week as business remains closed in Switzerland on Monday due to a bank holiday.

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