Franc Sideways To Euro, Slides To Other Majors Amid Swiss Data; Small Morning Tuesday Hours, Tuesday, April 17, 2007 4:15:24 AM
During the small morning hours on Tuesday, ahead of the release of the Swiss February adjusted real retail sales data, the Swiss currency trended lower versus the Japanese Yen, but it gained momentum against the rest of majors. However, amid the release, the Franc followed a sideways movement versus the Euro. On the other hand, to the other major currencies, the Franc lost ground.Swiss retail sales grew real 4.5% annually in February, the statistical office said Tuesday. Economists were looking for an annual growth of 4.0%. In nominal terms, retail sales climbed 2.9%.
The traders are now looking for the British March CPI and the retail price index details, followed by the German and the Euro-Zone ZEW economic sentiment for the month of April shortly after. The US March Consumer price index, housing starts and the Industrial production data are slated for later in the morning.
The US dollar ticked down versus the Swiss Franc in the late hours on Monday. The dollar continued its downtrend into the overnight deals on Tuesday and touched an early morning low of 1.2116 at about 2:50 am ET. Soon after, following the Swiss February adjusted real retail sales data, the dollar gained a few pips and fetched 1.2126 Francs as of 4:14 am Eastern Time.
Late Monday in New York, the European currency lost ground against its Swiss counterpart. However, in the small morning hours on Tuesday, the pair showed a choppy trend but by about 1:50 am ET, it edged lower again. This came ahead of the release of the Swiss February adjusted real retail sales data. Amid the release, the euro followed a sideways movement and as of 4:14 am Eastern Time, traded at 1.6412 Francs.
The British currency showed weakness against the Swiss Franc on late Monday hours. The pair started to trade higher at about 12:55 am ET Tuesday, but it declined again within about a couple of hours. However, the Swiss February adjusted real retail sales data released at 3:15 am ET helped the Cable to rebound the losses. As of 4:14 am Eastern Time, a Cable was quoted at 2.4137 Francs.
Against the Yen, the Swiss currency trended lower in the late evening deals on Monday. However, at about 8:40 pm ET the pair bounced back some of its losses but followed a sideways movement within about a couple of hours. The Franc drifted higher again in the small morning hours on Tuesday but by about 1:00 am ET, amid the release of the Japanese March consumer confidence data, the pair lost ground. The Swiss February adjusted real retail sales data which was also released during the session weakened the pair further. As of 4:14 am Eastern Time, a Franc collected 98.44 Yen.
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posted by Kalin Tasev @ 1:54 AM
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