Friday January 13, 2006 - 10:36:06 GMT
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INVESTICA Ltd - www.investica.co.uk
Underlying franc demand
The Swiss currency was unable to hold gains beyond 1.2750 against the US dollar and retreated back to lows near 1.29 following the US data before a recovery to 1.2860. The Swiss franc also recovered from lows near 1.55 against the Euro as the Euro faltered and strengthened back to near 1.2820 against the dollar in early Europe on Friday.
The lack of aggressive rhetoric from the ECB will offer some protection to the Swiss franc against the Euro in the short term. The US data, however, will not increase the global economic risk premium and this will curtail immediate franc demand against the dollar. The US currency is still liable to hit selling pressure on significant rallies with an underlying flow of funds back into the Swiss currency, especially if the US data is weak.
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