Forex Pros – The U.S. dollar slipped against the Swiss franc on Monday, as European Union officials denied reports that Greece asked to restructure its debt, following a bailout from the European Union and International Monetary Fund last May.
USD/CHF retreated from 0.8979, the pair’s highest since April 13, to hit 0.8942 during European morning trade, still up 0.20% on the day.
The pair was likely to find short-term support at 0.8895, last Thursday’s low and the pair’s all-time low and resistance at 0.9074, the high of April 12.
Earlier in the day, French Finance Minister Christine Lagarde said Greece won’t need to restructure its debt, because the country is respecting its obligations and new measures promised by the Greek government will allow it to resume borrowing on financial markets.
In spite of repeated denials by Greece, speculation over debt restructuring has driven yield spreads on Greek government bonds over benchmark German bonds to record highs.
Meanwhile, the Swiss franc was higher against the euro, with EUR/CHF shedding 0.39% to hit 1.2826.
Later in the day, U.S. Federal Reserve Bank of Dallas President Richard Fisher was due to speak in Atlanta.
ForexPros.com
