Swiss Franc Lower Across The Board During European Session On Wednesday, Wednesday, July 25, 2007 6:41:27 AM
The Swiss Franc drifted lower against the other major currencies during the European session on Wednesday. The downtrend pushed the Franc to touch the 40-day low versus the Yen and the 15-day low versus the dollar.However, in the Asian deals, the Franc showed a mixed performance. The Franc slipped against the Yen, but it strengthened versus the Euro and the Cable. On the other hand, the Franc moved sideways against the dollar. Deals in the session were likely influenced by the Japanese June trade balance data.
Japan`s merchandise trade surplus surged 53.4% in June to 1,227.11 billion yen from 799.74 billion yen a year ago. Analysts expected a trade surplus of 955.0 billion yen for June.
The traders are now looking for the U.S. June existing home sales data which is slated for 10:00 am ET, followed by the release of the Fed`s Beige Book for August 7 FOMC meeting at 2:00 pm ET.
Against the U.S. dollar, the Swiss Franc traded between 1.2031 and 1.2046 in the Asian deals on Wednesday. But the Franc fell sharply during the early European session and touched the 15-day low of 1.2134 at 5:05 am Eastern Time. The Franc then gained a few pips and traded at 1.2125 as of 6:39 am ET.
During the early Asian deals on Wednesday, the Swiss Franc gained slightly versus the European currency, but the gains were given back at 9:00 pm ET Tuesday. However, at about 2:45 am Eastern Time, the Franc picked up a few pips but it dropped soon after. The Franc hit a low of 1.6664 by about 4:30 am ET. Thereafter, the pair moved sideways and as of 6:39 am ET, it was quoted at 1.6659.
The Swiss Franc traded higher against the U.K.`s Cable during the early Asian session on Wednesday. However, at about 9:30 pm ET Tuesday, the Franc gave back the gains completely and extended its downtrend in the early European deals. The Franc thus dropped from 2.4756 to 2.4882 by about 5:05 am Eastern Time. Currently, the pair has been trading sideways and collected 2.4875 as of 6:39 am ET.
Following the release of the Japanese June trade balance data during the early Asian deals on Wednesday, the Swiss Franc lost ground versus the Japanese Yen. At about 9:10 pm Eastern Time Tuesday, the pair made some advances but it drifted down again in the early European session. The Franc hit the 40-day low of 99.10 by about 5:15 am ET and then strengthened slightly. As of 6:39 am ET, the pair was worth 99.26.
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posted by Kalin Tasev @ 4:31 AM
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