Tuesday, July 31, 2007

Swiss Franc Mixed Versus Major Currencies, Tuesday, July 31, 2007 3:03:23 PM

The Swiss franc experienced mixed results against its major counterparts Tuesday in New York. The Swiss currency gained ground versus the euro, but lost some to the sterling. Meanwhile, the franc experienced uncertain trading with the greenback and the yen. Traders mulled data showing that the Swiss June UBS Consumption Indicator showed a strong upturn in June.

The Swiss franc was largely choppy against the dollar Tuesday in New York. At 2:40 pm ET, the Swiss currency traded at a mark of 1.2030 against its American counterpart. This is compared to an intraday high of 1.2018 at 12:00 pm and an intraday low of 1.2065 at 10:20 am. Greenback traders considered data showing that American consumer confidence rebounded more-than-expected in July.

The Swiss franc moved higher again against the euro on Tuesday afternoon in New York and has reached a new daily high. The franc spiked up at around 10:45 a.m. ET to erase early losses. It added further gains at around 2 p.m. and has continued to move up. The pair is currently at 1.6461.

Against the sterling, the Swiss franc slid Tuesday in New York. At 2:49 pm ET, the Swiss currency traded at a mark of 2.4464 against its British counterpart. This is compared to an intraday high of 2.4391 at 1:50 am and an intraday low of 2.4512 at 7:40 am. Traders mulled the release of data showing that UK consumer confidence waned in July.

The Swiss franc experienced mostly choppy trading against the yen Tuesday in New York. At 2:52 pm ET, the Swiss currency traded at a mark of 98.73 against its Japanese counterpart. This is compared to an intraday low of 98.64 at 1:40 am and an intraday high of 99.13 at 7:30 am. On Tuesday, Japan`s Ministry of Internal Affairs and Communication revealed that the seasonally adjusted unemployment rate eased 0.1 percentage point to 3.7% in June on a monthly basis.

Swiss UBS Consumption Indicator staged a brisk recovery in June after the downside in the prior month, a report revealed Tuesday. The UBS said the monthly Consumption Indicator climbed to 2.31 in June from 2.10 in May, revised up from 2.09 earlier. The indicator now stays near the April high of 2.38. Further, the indicator exceeded its long-term average of 1.49 for the sixteenth month in a row.
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posted by Kalin Tasev @ 5:10 PM

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