Swiss Franc Shows Strength Against Majors Early Thursday, Thursday, May 17, 2007 3:06:30 AM
The Swiss currency showed strength against its major counterparts during the very early deals on Thursday in New York. However, during late Wednesday, the Franc largely showed choppy trading versus the dollar and the Yen, but it edged lower against the rest of majors. The Japanese Q1 GDP data and the Bank of Japan`s rate decision which were during the session helped the Franc to trade slightly higher, but the pair largely showed a choppy trend.The Bank of Japan left its uncollateralized overnight call unchanged at 0.50%. The decision came in line with economists` expectations. The nine-member policy board unanimously voted to hold overnight call rate.
The Japan`s gross domestic product for the first quarter increased 0.6% from the prior quarter based on preliminary estimates, the Cabinet office said. Analysts expected the economy to expand 0.7% from the previous quarter.
The US dollar traded slightly lower versus the Swiss Franc in the late hours on Wednesday in New York. At about 8:40 pm ET, the dollar bounced back some of its losses and then moved sideways. The dollar extended the same trend until about 2:25 am ET Thursday, but it lost ground thereafter. As of 3:05 am Eastern Time, a dollar traded at 1.2209 Francs.
Late Wednesday in New York, the European currency spiked higher against its Swiss counterpart. The uptrend helped the euro to collect as much as 1.6547 at 12:40 am ET Thursday. The pair then entered a tight range, but it made a steep fall at about 2:25 am ET. As of 3:05 am Eastern Time, a Euro was quoted at 1.6529 Francs.
The British currency rallied versus the Swiss Franc during the late deals on Wednesday. After fetching a high of 2.4188 by about 12:40 am ET Thursday, the Cable showed an uncertainty. However, at about 2:25 am ET, the pair gave back the gains completely and edged further lower. As of 3:05 am Eastern Time, a Cable collected 2.4136 Francs.
Following the Japanese Q1 GDP data at 7:50 pm ET Wednesday, the Swiss currency trended higher versus the Yen. However, the pair shed a few pips within about an hour and showed a choppy trend thereafter. Meanwhile, the Bank of Japan`s unchanged rate decision which was also released during the session strengthened the Franc slightly, but the pair showed choppy trading soon after. At about 2:25 am ET Thursday, the Franc spiked higher and has been continuing its uptrend currently. As of 3:05 am Eastern Time, a Franc was worth 98.98 Yen.
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posted by Kalin Tasev @ 2:20 AM
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