Friday, May 18, 2007

Swiss Franc Generally Higher Early Friday, Friday, May 18, 2007 3:46:21 AM

The Swiss Franc drifted higher against the other major currencies during the early hours on Friday in New York. The Franc was higher versus the Euro ahead and amid the release of the German producer prices data for the month of April. The traders are now looking for the Italian industrial orders and the trade balance for the month of March and the British April retail sales data. The University of Michigan consumer confidence survey for the month of May is slated for 10:00 am ET.

The US dollar gained ground against its Swiss counterpart in the late deals on Thursday and collected as much as 1.2284 at 11:05 pm ET. Thereafter, the pair moved sideways but by about 1:45 am ET Friday, it made a steep fall. The dollar touched an early morning low of 1.2255 after about an hour and then strengthened slightly. As of 3:45 am Eastern Time, a dollar fetched 1.2260 Francs.

Until about 9:50 pm ET Thursday, the Euro traded in a range versus the Swiss Franc. The pair then lost ground and extended its downtrend in the very early hours on Friday. The German April Producer prices data released at 2:00 am ET weakened the euro further. As of 3:45 am Eastern Time, a Euro traded at 1.6543 Francs.

During late Thursday in New York, the Cable showed choppy trading against the Swiss Franc, but the pair advanced slightly by about 10:25 pm ET. However, in the very early hours on Friday, the Cable dropped heavily and hit as low as 2.4212 at 2:55 am ET. Soon after, the pair bounced back some of its losses and as of 3:45 am Eastern Time, a Cable was quoted at 2.4229 Francs.

Against the Yen, the Swiss Franc started trending lower at about 9:00 pm ET Thursday. However, the pair ticked up slightly by about 10:50 pm ET and then followed a sideways movement. The pair resumed the same trend in the very early deals on Friday. At about 1:45 am ET, the Franc made a sharp spike higher and has been moving further higher of late. As of 3:45 am Eastern Time, a Franc collected 98.88 Yen.
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