Swiss Franc Touches 5-Month Low Versus U.K.`s Cable, Drops Slightly Against Other Majors, Thursday, June 21, 2007 4:38:48 AM
During the European session on Thursday, the Swiss Franc dropped heavily versus the U.K.`s Cable and touched a five month low. But the Franc showed slight weakness against the rest of majors. The Swiss trade balance for the month of May which was released at 2:15 am ET caused very little price action in the major Swiss Franc pairs.Swiss trade surplus amounted to CHF1.3 billion in May from CHF0.6 billion which was recorded last month. Economists expected a trade surplus of CHF1.10 billion. In real terms, exports grew 9.1% on year. Exports totaled CHF16.99 billion. Imports increased 9.7% to CHF15.74 billion.
The traders are now looking for the Swiss ZEW survey and the British CBI industrial trends survey - both for the month of June.
The Swiss Franc trended lower versus the dollar in the early Asian deals on Thursday. At about 8:55 pm ET Wednesday, the Franc gained a few pips and then moved sideways which was limited between 1.2388 to 1.2398. The pair extended the same trend until the Franc fell sharply at 3:05 am ET Thursday. The downtrend pushed the Franc to fetch a low of 1.2424 within a few minutes and then strengthened slightly. As of 4:37 am Eastern Time, the pair was quoted at 1.2410.
During the early Asian deals on Thursday, the Swiss currency moved sideways against its European counterpart. The Franc started to weaken at 9:35 pm ET Wednesday, but it followed a sideways movement after about a couple of hours. The Franc lost ground again at about 2:35 am ET Thursday and hit a low of 1.6623 within half an hour. Lately the Franc has been reversing the recent losses and collected 1.6611 as of 4:37 am Eastern Time.
The Swiss Franc showed choppy trading versus the U.K.`s Cable during the Asian deals on Thursday. However, the Franc moved out of the range at 2:40 am ET Thursday and fell sharply. After touching a 5-month low of 2.4750 by about 3:20 am ET, the Franc gained some pips. As of 4:37 Eastern Time, the pair was worth 2.4728.
Against the Yen, the Swiss Franc ticked down on Wednesday evening in New York. However, the pair made some advances at 7:00 pm ET, but it entered a loose range during the Asian deals on Thursday. In the European session of the day, the Franc lost ground again and hit as low as 99.57 by about 3:20 am ET. Thereafter, the pair traded slightly higher and fetched 99.64 as of 4:37 am ET.
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posted by Kalin Tasev @ 2:43 AM
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