Friday, July 27, 2007

Swiss Franc Slips Against Dollar And Yen, Advances Versus Other Majors, Friday, July 27, 2007 6:45:44 AM

The Swiss Franc slipped versus the dollar and the Yen during the European session on Friday. But the Franc advanced against the Euro and the Pound. The uptrend helped the Franc to fetch the 3-week high versus the Euro and the 10-day high versus the Pound.

The German GfK consumer confidence data for August released at 2:10 am ET strengthened the Franc further against the Euro. The GfK`s consumer climate indicator is forecasting a reading of 8.7 points for August, a tad above the expected level of 8.6 points. The July reading was slightly revised up to 8.5 from 8.4 earlier.

The recent deals of the major Franc pairs came amid the release of the Swiss July KOF leading indicator data. Swiss KOF economic barometer improved to 2.13 in July. The number came in better-than-expected reading of 2.01.

The U.S. Q2 Gross Domestic Product is what the data expected by the traders as of now.

Against the U.S. dollar, the Swiss Franc traded between 1.2035 and 1.2054 during the Asian deals on Friday. However, in the early European session, the Franc lost ground. At about 5:30 am Eastern Time, the Franc gained a few pips but it traded down again within a few minutes. As of 6:44 am ET, the pair was quoted at 1.2128.

During the Asian session on Friday, the Swiss Franc ticked down versus the Euro. But the Franc bounced back in the early European deals and strengthened further. The Franc thus climbed from 1.6565 to 1.6509 at 3:00 am Eastern Time and this was the 3-week high for the Franc. Thereafter, the Franc slipped and collected 1.6540 as of 6:44 am ET.

The Swiss Franc lost ground against the British Pound in the Asian deals on Friday and touched 2.4695 at 10:30 pm ET Thursday. Soon after, the Franc rebounded and carried over its uptrend in the early European session. The Franc fetched the 10-day high of 2.4535 by about 3:00 am ET. The Franc then edged down and it is currently trading at 2.465.

The Swiss Franc advanced versus the Japanese Yen during the Asian session on Friday. At about 10:40 pm ET Thursday, after collecting as much as 99.04, the pair drifted down. The Franc extended its downtrend in the early European deals and as of 6:44 am Eastern Time, it was worth 98.13.
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