Swiss Franc Recovers From 7-week Low Against Sterling [GBP/CHF]
4/29/2008 5:51:31 AM In early European deals on Tuesday, the Swiss franc reversed its Asian session`s loss against the British pound. The franc thus recovered from a 7-week low against the pound. On the other hand, the Swiss franc declined to a 4-week low against the yen and a 4-day low versus the dollar. Against the euro, the franc showed strength in today`s early deals.

Latest report released by UBS AG stated that its monthly consumption indicator stood at 2.29 in March compared to 2.32 in February.

Against the US dollar, the Swiss franc hit a 4-day low of 1.0401 at about 4.05 am Eastern Time, compared to Monday`s North American session close of 1.0341. Currently, the dollar-franc pair is trading at 1.0372.

The franc traded higher against the European currency today. At about 4.35 am Eastern Time, the franc reached 1.6147, up from Monday`s New York session close of 1.6190.

Against the British pound, the Swiss currency hit a 7-week low of 2.0667 at about 3.35 am Eastern Time. Thereafter, the franc gained ground and is currently quoted at 2.0542, compared to yesterday`s close of 2.0595.

UK`s M4 money supply growth for March was revised down to 11.9% annually from 12%, a final report from the Bank of England, or BoE, showed Tuesday. The money supply growth eased from 12.3% in February and 13.2% in January.

The number of mortgage approved in the UK totaled 64,000 in March, the Bank of England indicated Today. Mortgage approvals in March were lower than the February`s 72,000 and 66,000 expected by analysts.

The Swiss currency showed weakness against the Japanese yen in early deals today. At about 3.05 am Eastern Time, the franc-yen pair hit a 4-week low of 100.29. The pair that closed yesterday`s trading at 100.81 is now worth 100.56.

The Bank of Japan and the US Federal Reserve are scheduled to announce their interest rate decisions tomorrow. The FOMC is widely expected to cut the benchmark interest rate by a quarter percentage point to 2.0 percent, while analysts expect the BoJ to keep rates unchanged at 0.5%. Copyright © 2007 RTTNews.com. All Rights Reserved

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