Swiss Franc Retreats Against Major Currencies, Thursday, June 21, 2007 1:43:43 PM
The Swiss franc experienced weakness versus each of the major currencies Thursday in New York. Swiss currency investors mulled data showing that the nation`s trade surplus grew in May after contracting the previous month.The Swiss franc ticked lower versus the greenback Thursday in New York. At 1:25 pm ET, the Swiss currency fetched a mark of 1.2408 against its American counterpart. This is compared to an intraday high of 1.2388 at 1:50 am and an intraday low of 1.2425 at 7:20 am. Greenback traders considered data showing the Philly Fed Index rose more-than-expected in June.
Versus the euro, the Swiss franc fell Thursday in New York. The Swiss currency experienced generally steady weakness during the early-to-mid-morning, reaching an intraday low of 1.6633 at 9:30 am ET. The franc rebounded slightly in the late morning and early afternoon to fetch a mark of 1.6625 against its European counterpart at 1:30 pm. This is compared to an intraday high of 1.6588 at 1:30 am. Trading took place amid the release of data showing that German construction orders rose 0.5% annually in April.
The Swiss franc weakened against the sterling Thursday in New York. The franc fell sharply during the early morning, hitting an intraday low of 2.4744 at 3:10 am ET. The Swiss currency leveled off for much of the rest of the morning into the early afternoon. At 1:33 pm, the franc traded at a mark of 2.4722 against its British counterpart. Traders considered data that showed demand for manufactured goods in the UK in June continued to be robust.
Against the yen, the Swiss franc edged lower Thursday in New York. The Swiss currency fell during the early and mid-morning hours, falling to an intraday trough of 99.48 at 6:30 am ET. The franc rebounded from some of its losses into the early afternoon, reaching a mark of 99.62 against its Japanese counterpart. Traders considered data showing Japan`s trade surplus was up for the seventh straight month, but at a much slower pace than analysts expected. Swiss trade surplus grew in the month of May, after contracting in the prior month, official data indicated Thursday. The Federal Administration of Customs reported that trade surplus stood at CHF1.26 billion in May, breaching the CHF1 billion-mark for the third time this year. Economists were looking for an excess of CHF1.10 billion. The latest report showed the April surplus at CHF643.4 million, while it was stated as CHF626.9 million last month.
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posted by Kalin Tasev @ 2:54 PM
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