Investing.com - The dollar ended the week lower against the Swiss franc on Friday as weaker-than-expected U.S. housing data added to concerns that the economic recovery is losing momentum.
USD/CHF was last down 0.22% to 0.8882, and ended the week down 0.40%.
The pair is likely to find near-term support at 0.8855, last Wednesday’s low and a seven-week low and resistance at 0.8930.
The dollar slid after a report showed that U.S. existing home sales fell by a larger-than-forecast 5.1% in January, dropping to an 18-month low.
Investors continued to look past a recent series of disappointing U.S. economic reports, attributing them to severely cold winter weather.
Wednesday’s minutes of the Federal Reserve’s January meeting showed that officials agreed the current pace of reductions to the bank’s asset purchase program would remain unchanged, so long as the economy shows signs of improvement.
Official also discussed when to begin raising interest rates, the minutes said.
The U.S. central bank is currently purchasing $65 billion of assets per month.
Dallas Fed President Richard Fisher said Friday that the central bank should continue to taper its asset-purchase program. Separately, St. Louis Fed President James Bullard said the U.S. economy is headed for a good year of growth and he expects the Fed to continue rolling back its stimulus program.
In the week ahead, Switzerland is to publish data on fourth quarter growth, while the U.S. is to publish revised data on fourth quarter growth. U.S. data on durable goods orders and consumer confidence will also be in focus.
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 Monday, as there are no relevant events on this day.
Tuesday, February 25
The U.S. is to release data on consumer confidence and a private sector report on house price inflation.
Wednesday, February 26
The U.S. is to release data on new home sales, a leading indicator of demand in the housing market.
Thursday, February 27
Switzerland is to publish data on fourth quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health. The country is also to release data on the change in the number of people employed in the previous quarter.
The U.S. is to release data on durable goods orders, a leading indicator of production, and the weekly report on initial jobless claims.
Friday, February 28
Switzerland is to publish its KOF economic barometer.
The U.S. is to round up the week with revised data on fourth quarter growth, a report on manufacturing activity in the Chicago region, revised data on consumer sentiment and private sector data on pending home sales.
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