Thursday September 29, 2005 - 10:08:55 GMT
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INVESTICA Ltd - www.investica.co.uk
Risk tolerance key for Swiss franc
The US dollar strengthened to a high of 1.2985 against the Swiss currency on Wednesday, but retreated to 1.2920 in late New York. The franc retained small gains against the Euro and the US currency weakened further to 1.2890 in early Europe on Thursday before a recovery above 1.29.
The Swiss KOF leading indicator was stronger than expected at 0.77 for September from a revised 0.70 in August and this was a 12-month high for the index. There will be greater optimism over domestic growth which will offer some background franc support.
Nominal yields will remain very low and the Swiss currency still needs to overcome the strong temptation to use the franc as an international funding currency. There is, however, scope for a slight more cautious tone in the short term which should at least offer some relief to the franc.
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