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USD/CHF Rallies to 0.9805 Led by Dollar Advance on Fed Lockhart Comment

Posted by Chris Advincula on Aug 5, 2015 8:13:00 AM

The US dollar rose against the swiss franc from Tuesday's New York session, having risen sharply from 0.9720 to 0.9790 (+70 pips) 17:30 GMT following the hawkish comments from the Atlanta Federal Reserve President Dennis Lockhart, one of the policy makers of the Fed.

Lockhart said the Fed was close to raising interest rates and expressed his support for a rate hike in September. The dollar advanced against the major currencies and took the US dollar index to a 3-month high up 0.2% to 98.10. Dollar Swiss continued to make steady gains and rose to the intraday high of 0.9805 in the morning session of Europe.

The USDCHF was met with profit-taking easing down to 0.9755, after the US ADP July Payroll Estimate came out lower than expected at 185,000 from the 200,000 forecasted. The June estimate was revised down to 229,00 from 237,000. (12:15 GMT) Nontheless, the dollar was still holding its gains and remained firm against the major currencies.


USD.CHF.8.5.2015 resized 600 

Chart: WorldWideMarkets Alpha Trader


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