Friday April 28, 2006 - 11:56:46 GMT
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INVESTICA Ltd - www.investica.co.uk
Iran fears support Swiss franc
The Swiss currency found support weaker than 1.58 against the Euro, strengthening to 1.5780, and the Swiss currency secured strong gains against the dollar in New York. The Swiss currency strengthened to highs of 1.2580 in New York before edging back to 1.26. The franc retained a firm tone in early Europe on Friday, strengthening to near 1.5760 against the Euro and 1.2550 against the dollar.
Structural concerns over the US currency will offer background support to the Swiss currency and the franc will gain in Europe if there is European resistance to Euro appreciation. The tough ECB stance on interest rates will, however, limit short-term franc appreciation against the Euro.
The Swiss currency is likely to gain support on tensions over Iran with the US calling for the United Nations to take action while the International nuclear agency is due to report on Iran later today. Geo-political concerns will offer important background franc support, especially over the holiday weekend.
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