Wednesday, May 23, 2007

Swiss Franc Higher Across The Board On Wednesday, Wednesday, May 23, 2007 3:49:00 AM

During the early hours on Wednesday in New York, the Swiss Franc traded higher against its major counterparts. However, on late Tuesday, the Swiss currency largely showed choppy trading against most of its majors, but it gained momentum versus the Yen. The Japanese March all industry activity index data which was released at 7:50 pm ET helped the Franc to trade further higher against the Yen.

The market now turns toward the Italian March retail sales data, followed by the Bank of England`s monetary policy meeting minutes for May and the Euro-Zone March industrial new orders data.

The Swiss Franc moved sideways versus the U.S. dollar in the evening deals on Tuesday. At about 7:55 pm ET, the pair declined slightly but it bounced back some of its losses within about an hour and then traded sideways again. However, in the very early deals on Wednesday, the Franc showed strength and fetched 1.2277 against the dollar as of 3:47 am Eastern Time.

At about 8:00 pm Eastern Time Tuesday, the Swiss Franc made a brief spike higher against the Euro. However, the Franc gave back some of its gains within about an hour and then entered a tight range. The pair extended the same trend until about 2:00 am ET Wednesday, but the Franc drifted higher thereafter. As of 3:47 am ET, the Franc traded at 1.6511 against the Euro.

During the late evening hours on Tuesday, the Franc trended higher versus the British currency. The Franc shed a few pips by about 8:30 pm ET and followed a sideways movement thereafter. However, at about 2:00 am ET Wednesday, the Franc started to trade higher and has been moving further higher lately. As of 3:47 am Eastern Time, the Franc was quoted at 2.4257 against the Cable.

Against the Yen, the Swiss Franc showed strength on late Tuesday in New York. The pair slipped slightly by about 10:50 pm ET and showed a choppy trend. The Franc continued the same trend in the very early deals on Wednesday, but by about 1:55 am ET it steadied higher again. As of 3:47 am Eastern Time, the Franc collected 99.15 against the Yen.
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