Friday September 22, 2006 - 10:40:32 GMT
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INVESTICA Ltd - www.investica.co.uk
Swiss franc finds support
The US dollar was unable to strengthen back above the 1.2550 level against the Swiss currency and weakened to 1.2420 in New York. The franc was volatile against the Euro and corrected back to 1.5890 from lows beyond 1.5940. The franc should gain short-term support from evidence of weaker US growth and the Swiss currency strengthened to 1.2380 in early Europe on Friday.
Any pressure to reduce global carry trades to cover losses on energy contracts would offer important near-term Swiss currency support with the small possibility of sharp franc gains if there is evidence of serious distress within a major hedge fund.
The Swiss fundamentals will also provide underlying support as US interest rate expectations are revised down.
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