Swiss Franc Soars To New Multi-year High Against Japanese Yen [CHF/JPY]
4/21/2008 4:54:56 AM In early deals on Monday, the Swiss franc rose to new multi-year high against the Japanese yen. The franc also showed strength against the dollar, the euro and the sterling.
Data released by the Swiss Federal Statistical Office showed that the overall index of producer and import prices rose 3.9% year-on-year in March. Economists had expected the rate to ease to 3.5% from 3.6% recorded in February. On a monthly basis, the producer and import price index increased 0.6% to reach 109.9 points.
The Swiss currency traded higher against the Japanese yen in early deals today. At about 3.50 am Eastern Time, the franc-yen pair rose to new multi-year high of 102.38 compared to Last week`s session close of 101.89.
Japan`s Ministry of Finance downwardly revised its regional economic assessment for the first time in more than six years. The Ministry added that economic conditions worsened in five of the eleven regions across Japan during January to March period.
Monday, revised data released by the Cabinet Office showed that the Japan`s Leading Index number was revised up to 54.5% from an initial reading of 50%. The leading index number rose sharply from 45.5% recorded for January, revised up from 36.4%.
According to a data released by the Ministry of Economy, Trade and Industry today, activity in Japan`s service sector declined a seasonally adjusted 1.7 % in February compared to the previous month. The tertiary activity index for February registered 108.4, compared to a reading of 110.3 for January.
Against the US dollar, the Swiss franc advanced to 1.0103 at about 4.00 am Eastern Time compared to Friday`s North American session close of 1.0188. Currently, the dollar-franc pair is trading at 1.0127.
The franc showed strength against the European currency today. At about 4.00 am Eastern Time, the franc reached 1.6045 compared to Friday`s New York session close of 1.6104.
Against the British pound, the Swiss currency hit a high of 2.0102 at about 4.05 am Eastern Time. The sterling-franc pair closed Friday`s deals at 2.0349.
Today, the Bank of England, or BoE launched the much-hyped GBP50 billion Special Liquidity Scheme to allow banks to swap temporarily their high quality mortgage-backed and other securities for UK Treasury Bills.
The average asking price of a house in the United Kingdom slipped by 0.1 percent in April, property Web site Rightmove said today, marking the first monthly decline in six years. This followed a 0.8 % increase in March.