Swiss Franc Uncertain To Euro, Rises To Other Majors; Small Morning Tuesday Hours, Tuesday, April 24, 2007 3:57:04 AM
During the small morning hours on Tuesday, ahead of the release of the Swiss trade balance data for March, the Swiss currency showed an uncertain trend versus the Euro, but it slipped slightly against the rest of majors. Following the release, the major Swiss Franc pairs gained momentum. However, the Franc showed an uncertainty against the Euro soon after.Swiss trade surplus amounted to CHF718.1 million in March, government data indicated Tuesday. Economists expected a trade balance of CHF1.11 billion. Exports grew real 12.7% annually to CHF17.14 billion and imports climbed 13.4% to CHF16.43 billion.
The traders are now looking for the Swiss March UBS consumption indicator, Italian February retail sales data, followed by the Euro-Zone industrial new orders data shortly after. The British CBI industrial trends- total orders data for April and the US April Richmond Feb manufacturing index, consumer confidence data and the existing home sales for March are scheduled for later in the morning.
The US dollar showed choppy trading versus the Swiss Franc on late Monday in New York. The pair extended the same trend into the small morning hours on Tuesday, but by about 2:00 am ET ahead of the release of the Swiss March trade balance data, the dollar advanced slightly. Following the release, the pair fell sharply and touched an early morning low of 1.2078 by about 2:45 am ET. Of late the dollar is trading slightly higher and fetched 1.2082 Francs as of 3:55 am Eastern Time.
In the late hours on Monday, the European currency ticked down against its Swiss counterpart. Off 1.6388 at about 10:30 pm ET, the pair strengthened slightly and then showed an uncertain trend. However, at about 2:15 am ET Tuesday, following the release of the Swiss March trade balance data, the euro lost a few pips but the pair showed an uncertainty soon after. As of 3:55 am Eastern Time, a Euro traded at 1.6388 Francs.
The British currency trended lower against the Swiss Franc on late Monday trading. At about 10:30 pm ET, the pair traded slightly higher but by about 12:40 am ET Tuesday, the Cable lost ground again. However, the pair bounced back within a little longer than an hour and this came ahead of the release of the Swiss March trade balance data. Amid the release, the pair gave back the recent gains completely and ticked further down. As of 3:55 am Eastern Time, a Cable was quoted at 2.4123 Francs.
Against the Yen, the Swiss Franc ticked down during late Monday evening in New York. The Japanese economic data released at 7:50 pm ET weakened the pair heavily. Off 97.73 by about 10:45 pm ET, the Franc rebounded most of its losses. At about 12:45 am Eastern Time Tuesday, ahead of the release of the Swiss March trade balance data, the Franc lost ground slightly. However, amid the release, the Franc gained momentum again and collected 98.13 Yen as of 3:55 am Eastern Time.
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posted by Kalin Tasev @ 3:05 AM
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