Tuesday June 5, 2007 - 10:23:10 GMT
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INVESTICA Ltd - www.investica.co.uk
Swiss franc remains attractive
The Swiss currency will remain vulnerable to selling on a sustained global interest in carry trades, but the overall performance has been resilient and there is the potential for medium-term gains.
The Swiss currency found support close to 1.6550 against the Euro on Monday and strengthened back to 1.65 in US trade. The franc strengthened to highs around 1.2220 against the dollar in New York trade. The franc was little changed in early Europe in early Europe on Tuesday and was resisting selling pressure.
The francâ€™s performance was more impressive over the day given that low-yield currencies were generally under pressure during the day as risk tolerances remained high. The franc is liable to gain strongly if there is a wider increase in risk aversion.
The currency was supported by comments from National Bank Chairman Roth who stated that franc weakness was only temporary. Verbal intervention is likely to continue in the run up to the June central bank council meeting due to be held next Thursday.
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