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Forex: USD/CHF topped at 0.9400 and erases rally on NFP

FXstreet.com (Barcelona) - The US NFP report triggered a rally to 0.9400. Capped there, the USD/CHF has then pull back to 0.9320 area, where it trades sidelined.

The US nonfarm payrolls surprised investors as the March weakness was revised higher by 50K, from 88K to 138K. Also, April data came in above market consensus, at 165K instead of 145K.

Market consensus was already suggesting a contraction, but by -2.6% in March, not what actual Factory Orders data showed: -4.0%. Also, the February figure was revised lower, from -3.0% to -1.9%. The non-manufacturing PMI by ISM fell from 54.5 to 53.1 in April, disappointing investors that were expecting a figure around 54.0.

The European Commission granted a 2-year extension to achieve the deficit deadlines in Spain and France, placing it in 2016 and 2015 respectively.

“The USD/CHF currency pair completed a correction to return to the level of 0.9360. We think, today the price may grow up a little bit to reach the target at 0.9370 and then continue falling down towards the level of 0.9200”, wrote

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According to the Economics Research Team at Goldman Sachs, “The net international investment position (NIIP) deteriorated sharply in a number of peripheral countries prior to the financial crisis, reaching around -100% of GDP in Spain, Greece, Portugal and Ireland.”
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Forex: GBP/USD reaches 1.5600

The British pound resumed its advance against the greenback, after a short-lived setback sent GBP/USD below 1.5500 in the wake of the US employment report.
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