4 Mar 2016
USD/CHF unable to hold gains as NFP-euphoria fades
USD/CHF jumped to near parity level as the immediate reaction to SU nonfarm payrolls only to quickly reversed gains and scored fresh weekly lows.
The US dollar strengthened initially after an upbeat headline, with economy adding 242K new jobs in February (190K expected), but then weakened sharply as investors assessed the details. The average hourly earnings posted only their first decline since December 2014, declining by -0.1%, and the average weekly hours worked also dropped substantially by 0.2%.
USD/CHF reached a high of 0.9987 before giving up gains and falling more than 100 pips to a low of 0.9878. At time of writing, the pair is trading at 0.9890, down 0.27% on the day.
The US dollar strengthened initially after an upbeat headline, with economy adding 242K new jobs in February (190K expected), but then weakened sharply as investors assessed the details. The average hourly earnings posted only their first decline since December 2014, declining by -0.1%, and the average weekly hours worked also dropped substantially by 0.2%.
USD/CHF reached a high of 0.9987 before giving up gains and falling more than 100 pips to a low of 0.9878. At time of writing, the pair is trading at 0.9890, down 0.27% on the day.