Tuesday, May 22, 2007

Swiss Franc Strengthens Against Dollar, Drops Slightly Versus Other Majors Early Tuesday, Tuesday, May 22, 2007 3:45:23 AM

The Swiss currency showed strength versus the U.S. dollar during the very early deals on Tuesday in New York. On the other hand, the Franc dropped slightly against the other major currencies. The Bank of Japan`s monetary policy meeting minutes for April released at 1:00 am ET caused very little price action in the Franc versus the Yen.

The traders are now looking for the German and the Euro-Zone ZEW survey results for the month of May which is expected at 5:00 am ET.

The US dollar started trending higher versus the Swiss Franc at 6:45 pm Eastern Time Monday. The uptrend helped the pair to collect as much 1.2313 by about 11:55 pm ET. The dollar then ticked down and as of 3:41 am ET Tuesday, a dollar fetched 1.2292 against the Swiss Franc.

The Euro drifted lower against the Swiss Franc on late Monday in New York. Off 1.6552 at 9:15 pm ET the pair made some advances and then entered a tight range. The euro extended the same trend until about 1:40 am ET Tuesday, but it gained some momentum thereafter. As of 3:41 am Eastern Time, a Euro traded at 1.6574 against the Swiss Franc.

During the late hours on Monday, the British currency showed choppy trading versus the Swiss Franc. However, at about 1:40 am ET Tuesday, the pair lost ground slightly but it rebounded within about an hour and then edged further higher. As of 3:41 am Eastern Time, the Cable was quoted at 2.4270 against the Swiss Franc.

Against the Yen, the Swiss Franc traded slightly lower in the late evening deals on Monday. At about 8:20 pm ET, the pair gained a few pips and then followed a sideways movement. The BoJ`s monetary policy meeting minutes for April was released at 1:00 am ET Tuesday. The Franc extended the same trend amid the release, but by about 2:15 am ET it dropped slightly. As of 3:41 am Eastern Time, a Franc collected 98.58 against the Yen.
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