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Swiss Franc Falls As Headline KOF Barometer Falls Unexpectedly -

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Apr, 29th 15:10

US economic growth hit the slowest pace in two years, as consumer spending and exports weakened. According to the data released by The Commerce Department on Thursday, the gross domestic product rose at an annualized rate of 0.5%, the weakest pace since the first quarter of 2014. Almost all sectors of the US economy were weaker in the first quarter of the year, except housing.

The Fed has kept the benchmark overnight interest rate unchanged, as well as suggested that there was no hurry to initiate further rate hikes.

Institute for supply management’s report published today showed that April’s Chicago PMI declined 3.2 points to 50.4 from the level March, led by a drop in new orders and a strong fall in Order Backlogs.

On Friday, Brent crude reached the highest level of the year with support from a weak dollar and falling US production. Although the looming rise in the Middle East production has contributed to curb the gains, investors are still optimistic, which has helped oil futures rise nearly 80% from the January lows.

In particular, Brent futures climbed 21 cents compared with the last settlement at $48.35 per barrel. WTI crude reached $46.48 per barrel, up 0.45% from the last close.

According to data released on Friday, Switzerland’s KOF economic barometer fell unexpectedly last month. KOF Economic Research Agency stated that dropped to 102.7 compared with 102.8 the month before. The market had expected the reading to come in at 102.8 for March.

usdchf d1

Fig. USDJPY D1 Technical Chart

The US dollar has been continuously falling against the Swiss Franc as the moving average begins to move up above prices. RSI is heading into the oversold zone currently, combined with DI- crossing DI+ and going up, suggesting a bearish trend for the pair. The price is expected to hit the support level at 0.94987, the lowest level for the month.

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