US dollar remained almost unchanged against the Swiss franc during Monday trade, with markets focused on upcoming manufacturing data from the United States. Demand for US dollars remained restrained, especially after the release of positive PMI data from United Kingdom and the Euro zone.
USD/CHF pair reached 0.9584 during early European trade, the session high, after which consolidation followed at 0.9559. Support was expected at May 30th low, 0.9526, while resistance was to be met at May 30th high, 0.9651.
Earlier today mixed economic data from China was released. A weekend report said that Chinese Manufacturing PMI increased to 50.8 during May, while the April reading showed 50.6. In addition, today it was announced that China’s HSBC Manufacturing PMI dipped to 49.2 during May, while the preceding month value was 49.6.
US dollar retreated against the euro, after official data showed that Final Manufacturing Purchasing Managers Index (PMI) in the single currency zone increased to 48.3 in May, above expectations and improving in comparison with the previous month. Despite the fact this value was still below 50.0, a sign for contraction in activity, the indicator showed a deceleration in decline rate, which markets read as a starting point for optimism.
Additionally, German Manufacturing PMI also recorded a higher value in May, 49.4, compared to the previous period and also above projections.
Meanwhile, EUR/CHF pair was up by 0.23%, to 1.2449.
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