Swiss Franc Mixed Against Majors
The Swiss franc posted mixed performances
against its major counterparts on Friday in New York. Traders weighed
the U.S. Treasury Department`s decision to set up a program to guarantee
the U.S. money market mutual fund industry.
The government plan is part of a comprehensive plan government officials
are collaborating together to help ease concerns in the financial
markets. The announcement came on the heels of news that the Securities
and Exchange Commission had temporarily banned short selling in
financial stocks.
The Swiss National Bank said M3 Money supply rose 2.5% year-on-year in
August, marking a faster pace than the revised 1.6% rise recorded in
July. Earlier, the central bank had reported a 1.5% rise for July.
The Swiss franc climbed towards Thursday`s multi-week high versus the
dollar on Friday. After touching 1.1279 in the early morning, the franc
advanced to 1.1012 just before 3:00 pm ET.
Against the euro, the franc fell away from Wednesday`s multi-month high
on Friday. The franc dropped to 1.6035 just before 9:00 am ET, down from
1.5837 in the early morning. Traders pondered a report showing German
producer prices fell more than expected in August.
Versus the pound on Friday, the franc declined to a monthly low. The
franc declined to 2.0358 by 12:30 pm ET, down from an early morning high
of 2.0118. |
