The Swiss franc strengthened against its major opponents in early European deals on Monday.
A report from Switzerland showed that the retail sales grew 1.3% month-on-month in May, following a 1.5% rise in April. Excluding fuel, the retail sector showed a seasonally adjusted increase in real turnover of 1.1%, faster than the 0.9% growth seen in April.
On a year-on-year basis, the retail sector real turnover climbed 3.8% compared with May 2009, bigger than April’s 1.3% growth.
Moving away from Asian session’s choppy trend, the Swiss franc rose to 1.6122 against the pound at 4:15 am ET. The franc is presently trading at 1.6144 against the pound and this may be compared to Friday’s closing quote of 1.6169. On the upside, the franc may target around the 1.6070 level in near term.
The Swiss franc extended its recent rally versus the US dollar, rising to as high as 1.0623 before reversing direction around 3:15 am ET. The franc that was worth 1.6041 against the greenback at Friday’s close is now trading at 1.0636. If the franc gains further, 1.058 is seen as the next likely resistance level.
The Swiss franc is currently quoted at 82.75 against the yen, up from Friday’s close of 82.56. If the franc advances further, it may find near-term resistance around the 83.15 level.
The Swiss franc also advanced against the 16-nation currency in early European deals on Monday. Presently, the franc is worth 1.3327 against the euro, compared to last week’s closing quote of 1.3355. In near-term, the Swiss currency may find resistance around the 1.3260 level.
Looking ahead, at 5:00 am ET, the Eurostat is scheduled to release retail sales data for May. Economists expect retail sales to rise 0.3% on a monthly comparison in May and to fall 0.3% annually.
The U.S. financial markets are closed today for Independence Day holiday.