Thursday September 1, 2005 - 09:49:20 GMT
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INVESTICA Ltd - www.investica.co.uk
Global doubts support franc
The US currency hit selling pressure above the 1.27 level against the Swiss currency and weakened sharply to lows around 1.2525 in New York on Thursday before a marginal recovery. The Swiss currency remained firm against the Euro at close to 1.5475 and retained strength in early Europe on Thursday.
The Swiss KOF leading index rose to 0.71 in August from a revised 0.64 in July, reinforcing the greater mood of optimism over the Swiss economy which will help underpin the Swiss currency.
The Swiss currency will also gain some support from the weak US Chicago PMI report and US growth uncertainties. Levels of risk aversion will also remain very important in the short term. The combination of high energy prices and doubts over growth trends will offer support to the Swiss currency and there is a small possibility of sharp franc gains.
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