Monday, June 25, 2007

Swiss Franc Higher To Euro, Declines Against Other Majors During European Session On Monday, Monday, June 25, 2007 4:53:49 AM

During the European session on Monday, the Swiss currency trended higher versus the Euro, but it declined against the rest of majors. The German GfK consumer confidence data for July which was released at 2:10 am ET weakened the Franc slightly against the Euro, but it spiked higher soon after.

German GfK consumer confidence indicator improved to 8.4 points in July. Economists were looking for a reading of 7.9 points. The number for June was revised to 7.4 points from 7.3 points estimated earlier.

The traders are now looking for the US existing home sales data for the month of May which is slated for 10:00 am ET, followed by the Japanese corporate service price index data for the same month later in the day.

The Swiss Franc advanced slightly versus the US dollar in the early Asian deals on Monday and hit a high of 1.2280 at 9:20 pm ET Sunday. Soon after, the Franc lost some pips and entered a tight range. The Franc ticked down again at about 1:10 am Eastern Time and hit a low of 1.2312 after two hours. The Franc then gained slightly and as of 4:50 am ET, the pair collected 1.2297.

During late Sunday in New York, the Swiss Franc ticked up slightly against its European counterpart. After collecting as much as 1.6540 at 8:05 pm Eastern Time Sunday, the Franc declined slightly and showed a choppy trend thereafter. This came ahead of the release of the German July GfK consumer confidence data. Following the release, the Franc fell briefly but it bounced back soon after and strengthened further. As of 4:50 am ET, the pair was worth 1.6531.

The Swiss Franc traded slightly higher versus the British currency during the early Asian deals on Monday. However, at about 9:00 pm ET, the Franc gave back the gains completely and slipped further. The Franc extended its downtrend into the European session of the day and touched as low as 2.4609 at 3:10 am ET. Thereafter, the Franc reversed a few of its losses and fetched 2.4570 as of 4:50 am Eastern Time.

In the early Asian deals on Monday, the Swiss currency gained some momentum against the Japanese Yen. The uptrend helped the pair to fetch a high of 100.83 at 9:20 pm ET Sunday and then moved sideways. However, at about 2:00 am Eastern Time, the Franc started to weaken and has been moving further lower lately. As of 4:50 am ET, the pair traded at 100.52.
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