Investing.com - The dollar ended the weak lower against the firmer Swiss franc on Friday as escalating tensions over the crisis in eastern Ukraine underpinned demand for traditional safe-haven assets.
USD/CHF ended Friday’s session at 0.8814 after falling to one-week lows of 0.8803 earlier and ended the week down 0.42%.
The pair was likely to find support at 0.8775 and resistance at 0.8855, Thursday’s high.
Concerns over the conflict between Russian and Ukraine escalated on Friday after U.S. Secretary of State John Kerry warned that Washington was ready to step up economic sanctions against Russia.
Meanwhile, ratings agency Standard & Poor’s cut its rating on Russia on Friday, citing the potential for “additional significant outflows” of capital due to escalating hostilities with Ukraine.
The West is accusing Russia of leading a separatist revolt in eastern Ukraine after it annexed Crimea last month.
In the U.S., data on Friday showed that consumer confidence rose to a nine-month high in April, adding to signs that the economy is improving.
The University of Michigan reported that its consumer sentiment index came in at 84.1 this month, up from 80 in March and the preliminary reading of 82.6. Analysts had expected the index to rise to 83.0.
In the week ahead, investors will be focusing on Friday’s U.S. jobs report for April and the outcome of the Federal Reserve’s two-day policy meeting on Wednesday. Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, April 28
The U.S. is to release private sector data on pending home sales.
Tuesday, April 29
The U.S. is to a report compiled by the Conference Board on consumer confidence.
Wednesday, April 30
Switzerland is to publish its KOF economic barometer.
The U.S. is to release preliminary data on first quarter GDP, as well as the ADP report on private sector job creation, which leads the government’s nonfarm payrolls report by two days. The U.S. is also to release data on manufacturing activity in the Chicago region.
Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement.
Thursday, May 1
Markets in Switzerland are to remain closed for the Labor Day holiday.
The U.S. is to publish the weekly report on initial jobless claims. At the same time, Fed Chair Janet Yellen is to speak at an event in Washington; her comments will be closely watched. Later Thursday, the Institute of Supply Management is to release a report on manufacturing activity.
Friday, May 2
Switzerland is to publish its SVME purchasing managers’ index.
The U.S. is to round up the week with the closely watched government data on nonfarm payrolls and the unemployment rate, and a separate report on factory orders.