Swiss Data Strengthened Franc Against Majors During European Session On Wednesday, Wednesday, June 20, 2007 5:44:19 AM
The Swiss Franc showed strength against the other major currencies during the European session on Wednesday. This came ahead and amid the release of the Swiss producer and import prices data for the month of May. The German May producer prices data released at 2:00 am ET helped the Franc to move further higher versus the Euro.Meanwhile, the Bank of England released its monetary policy meeting minutes at 4:30 am ET. Following the release, the Franc gave back most of its gains against the Sterling.
Swiss producer and import price index rose 0.9% on month in May. On a yearly basis, the index climbed 2.8%. Economists expected the index to rise 0.4% on month and an annual increase of 2.4%.
During the very early hours on Wednesday, the Swiss Franc traded in a tight range versus the dollar and the pair was limited between 1.2397 to 1.2408. However, at about 2:50 am ET, the Franc started ticking up and fetched a high of 1.2373 within one and half hours. This came ahead and amid the release of the Swiss producer and import prices data for May. Soon after, the Franc dropped slightly and collected 1.2381 as of 5:43 am Eastern Time.
Against the Euro, the Swiss currency moved sideways until the German May producer prices data was released at 2:00 am Eastern Time on Wednesday. Amid the release, the Franc gained ground. The Swiss May producer and import prices data which was also released during the session helped the Franc to trade further higher. After collecting as much as 1.6609 at 3:30 am ET, the Franc lost some pips. As of 5:43 am ET, the pair was worth 1.6621.
The Swiss Franc declined slightly versus the British currency in the very early deals on Wednesday. Off 2.4675 at 2:45 am ET, the Franc spiked higher to 2.4601 within two hours and this was ahead and amid the release of the Swiss May producer and import prices data. Meanwhile, the Bank of England released its monetary policy meeting minutes at 4:30 am ET. Following the release, the Franc gave back most of its gains and fetched 2.4653 as of 5:43 am Eastern Time.
The Swiss currency traded slightly higher against its Japanese counterpart during the very early deals on Wednesday. But the pair gave back the gains at 1:40 am ET and touched 99.32 within a little longer than an hour. The Franc then steadied higher again and this came ahead of the release of the Swiss May producer and import prices data. The pair carried over its uptrend amid the release and traded at 99.70 as of 5:43 am ET.
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posted by Kalin Tasev @ 3:07 AM
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