France Consumer Spending (MoM) rises to -0.2% in Feb from -0.9% in Jan.

A sudden jump allowed a move from 0.9488 to 0.9512 high, but profit taking pulled the USD/CHF to the psychological level at 0.9500. The market is now trading sideways, around yesterday’s closing price. Risk-off flows on Wednesday, in anticipation to the Cypriot bank reopening, had sent the pair to 0.9553 high. A successful procedure yesterday, with capital controls in place, pulled the market to retrace all those gains.