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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.