Swiss Franc Mixed Against Major Counterparts, Friday, July 27, 2007 2:32:41 PM
The Swiss franc experienced mixed results against its major counterparts Friday in New York. The Swiss currency advanced against the euro and the sterling. Meanwhile, the franc fell versus the dollar and the yen. Traders considered data showing that the Swiss KOF leading index climbed above expectations in July.The Swiss franc ticked lower against the dollar Friday in New York. After experiencing uncertain early morning trading, the Swiss currency began to slide just after 3:00 am ET. At 6:30 am, the franc fell to an intraday low of 1.2132 against the buck. The Swiss currency rebounded over the remainder of the morning before leveling off in the early afternoon. At 2:08 pm, the franc traded at a mark of 1.2088 against its American counterpart. Greenback traders considered data showing that the American GDP rose 3.4% during the second quarter. This was above analyst estimates.
Against the euro, the Swiss franc advanced Friday in New York. The Swiss currency rose slightly during mostly choppy early and mid-morning trading before climbing further just before 10:30 am ET. At 12:00 pm, the franc reached an intraday high of 1.6472. The Swiss currency gave back some of its gains over the next couple of hours to trade at a mark of 1.6494 at 2:11 pm. European currency investors mulled data showing that German consumer confidence was stable in July.
The Swiss franc climbed against the sterling Friday in New York. The Swiss currency experienced mostly choppy trading until beginning an advance after 5:30 am ET. By 12:10 pm, the franc reached an intraday high of 2.4500. The Swiss currency gave back some of its gains over the next couple of hours. At 2:16 pm, the franc traded at a mark of 2.4502 against its British counterpart. Traders looked ahead to the Bank of England`s rate decision next week. Experts expect the rates to remain unchanged.
Versus the yen, the Swiss franc retreated Friday in New York. The Swiss currency fell during the bulk of the early and mid-morning, hitting an intraday low of 97.79 at 7:30 am ET. The franc rebounded from some of its losses over the rest of the morning and early afternoon. At 2:19 pm, the Swiss currency traded at a mark of 98.26 against its Japanese counterpart. Japanese currency investors mulled data showing that Japanese core consumer prices fell as expected during June.
The Swiss KOF economic barometer climbed to a reading of 2.13, the KOF Swiss Economic Institute, said Friday. This was well above the economists` consensus for a reading of 2.01. The increase was mainly due to the positive impact on the barometer by the survey results of the banking module.
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posted by Kalin Tasev @ 1:54 PM
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