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Forex: USD/CHF erases losses after German retail sales

FXstreet.com (Barcelona) - The USD/CHF eased from 0.9375 area down to 0.9354 low ahead of German retail sales. However, disappointing data made investors retrace the movement back to where it was.

French Producer Prices eased from 0.5% to 0.0% in March, staying above the -0.1% consensus. Consumer spending beat expectations of 0.1% by rising from -0.2% to 1.3%.

German retail sales are already out, down -0.3% in March (MoM) to an annualized drop from -2.6% to -2.8%, lower than market consensus of 0.0% (MoM) and -1.2% (YoY). The German GfK May consumer confidence rose from 6.0 to 6.2, beating 5.9 consensus.

“The intraday charts are giving conflicting signals and at this point we are unable to rule out a deeper retracement to 0.9318, possibly 0.9269”, wrote Commerzbank analyst Karen Jones, more biased to the upside towards the 9 month downtrend at 0.9498.

Spain 1Q Gross Domestic Product - Estimated (QoQ): -0.5%; -2% (YoY)

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