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Swiss Currency Mixed Versus Majors Friday [USD/CHF]
4/25/2008 8:44:38 AM The Swiss franc was mixed in trading on Friday morning in New York. The currency dropped against het dollar, and sterling, but saw some strength against the yen and euro. The franc moved as the Chairman of the Swiss National Bank made comments on the direction of its economy.

The Swiss currency slipped slightly versus the dollar in trading on Friday. The currency fell past 1.0370 and remained near that mark into the mid morning trading against the greenback. The currencies moved ahead of U.S. data. Later in the day, the April University of Michigan Consumer Sentiment survey is expected to remain at 63.2, a 26-yr low and, the same as was reported in the preliminary release.

The Swiss franc edged up against the yen in trading on Friday. The currency moved little in the early hours, but pushed up to a mark of 100.80 as action moved into the mid morning. In general, the franc is coming up off a recent weekly low against the Japanese currency.

The Swiss franc was strong in trading versus its European counterpart on Friday morning. The franc rose steadily to a mark of 1.6170 as action progressed. Overall, the franc has reversed some losses from yesterday and come down off a recent three month low.

The Swiss franc was weak against its British counterpart in trading on Friday morning. The currency slipped to a mark of 2.0530 as action progressed. The currencies traded as the UK economy recorded its weakest pace of growth in three years in the first quarter of 2008 as the recent credit squeeze continued to take its toll. A preliminary estimate from the Office for National Statistics pegged quarterly growth at 0.4% for the first quarter, down from the 0.6% recorded in the fourth quarter of 2007. This marked the slowest rate of growth since the first quarter of 2005. The sequential growth was in line with expectations.

The Swiss economy has continued to enjoy sustained growth despite volatile climate of recent months according to Jean-Pierre Roth, Chairman of the Swiss National Bank. However, the economy has not remained unscathed amid turmoil. The economy experienced substantial stock market corrections and a return to lower-risk investment. Copyright © 2007 RTTNews.com. All Rights Reserved.

Swiss Currency Mostly Weak Friday [USD/CHF]
4/18/2008 8:35:13 AM The franc was weak against its American and European counterparts in trading on Friday morning in New York. The currency, meanwhile, was choppy against the yen. The Swiss franc moved with little economic news from the area.

The Swiss currency was choppy in trading against its Japanese counterpart on Friday. The franc bounced between a high of 101.98 and a low of 101.26. The pair moved as it was reported that the Japanese economic growth was slowing recently due to higher energy and material prices. According to a report that summarized information from nine regions of Japan, some regional differences in economic growth continued to exist.

Swiss Currency Mostly Strong Friday [USD/CHF]
4/11/2008 8:42:14 AM The Swiss currency was strong against its American and European counterparts in trading on Friday morning in New York. The franc, meanwhile, saw little direction against the yen. The currency traded with little economic news from the area.

The Swiss currency rose against its European counterpart in trading on Friday morning. The franc advanced to a mark of 1.5806 steadily in the morning action. The pair moved as German wholesale prices rose faster than expected in March. A report from the Federal Statistical Office showed Friday that the wholesale price index climbed 7.1% year-on-year in March. Economists were looking for a rise of 6%.

Swiss Franc Extends Gains Versus Most Majors [USD/CHF]
4/10/2008 4:21:33 AM The Swiss currency has been extending its uptrend against most of its major counterparts during early deals on Thursday. As of 4:20 am ET, the franc traded near 1.5768 against the euro, 0.9953 against the dollar and 1.9658 versus the pound.

Dollar Climbs To Multi-day Highs Against Yen And Franc [USD/CHF]
4/3/2008 7:08:12 AM Thursday morning, the US dollar advanced against its major counterparts and reached new multi-day highs against the yen and the franc. The greenback rallied against the yen and the franc as investors returned to so-called carry trades.

In ‘carry trade`, an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate so that they can reap the difference.

In a testimony yesterday, the U.S. Federal Reserve Chairman Ben Bernanke publicly admitted for the first time that a recession in the United States is possible. He discussed the “difficult period” the U.S. economy is trudging through in testimony on Capitol Hill earlier in the day. In prepared remarks, Bernanke addressed the recent financial turmoil and actions that the Federal Reserve is taking to address these issues.

He said the growth outlook was weaker now than it was when the Fed released its last set of forecasts in January. The Fed expects growth to strengthen in the second half of the year as fiscal and monetary stimulus kicks in, he said. However “the uncertainty attending this forecast is quite high and risks remain to the downside”, he added.

The dollar strengthened to 1.5538 against the Euro at about 6:30 am ET, compared to yesterday`s closing value of 1.5687. The greenback touched a fresh record low of 1.5905 against the euro on March 17th 2008.

The euro declined as the Euro-Zone retail sales fall unexpectedly in February. Retail sales volume dropped 0.5% on month in February, the Eurostat indicated today. This compares to a 0.5% growth in January. Economists had expected a monthly increase of 0.2%.

Against the pound, the US currency rose to 1.9762 during today`s deals, compared to yesterday`s close 1.9877. If the dollar strengthens further, it may test resistance around 1.9703 level.

The pound weakened against the dollar today after the release of a weak Purchasing Managers` Index for the United Kingdom`s services sector.

The PMI`s headline figure dropped to 52.1 in March from February`s 54.0, and against analysts` forecasts for a fall to 53.0.

The Bank of England`s executive director and member of the Monetary Policy Committee Paul Tucker said Wednesday that the consumer price inflation is very likely to rise to materially above the central bank`s 2% target in the near term.

Regarding the rise in inflation Tucker said, “The question is whether that unavoidable temporary rise will remain just that, temporary; or whether it will feed into medium-term expectations of inflation, and so get reflected in wages and prices going forward and, thus, in domestically-generated inflation.”

UK government net reserves increased US$45 million to US$27.1 billion in March, the HM Treasury revealed today. The net reserves increased from US$27.05 billion recorded in February.

During early deals on Thursday, the dollar advanced to a 23-day high of 102.96 against the yen, compared to yesterday`s New York session 102.30. Immediate resistance for the dollar is seen around 104.2 against the yen.

The buck advanced against the yen after touching a 12-½ -year high of 95.79 on March 17. Since then, the dollar has gained around 7%.

The dollar, that closed yesterday`s deals at 1.0090 against the franc, reached a 9-day high of 1.0194 at about 6:30 am ET today. On the upside, 1.031 is seen as the next target level for the buck.

Now, traders are likely to focus on the U.S. jobless claims and ISM non-manufacturing reports, due out in the upcoming session.

The Fed Chairman Ben Bernanke will speak before the Senate Finance Committee on the Bear Stearns sale at 10:00 am ET today.