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Swissy Turns Lower

Posted:02/12/2008 11:44 by Oliver Scott
The Swissy turned lower after it failed to sustain early European buying momentum. Broad weakness across global equity markets was the catalyst for a safe haven bid in early trade, which saw EUR-CHF record 1.5170 lows. But follow-through selling was lacking, with Swiss economic data reinforcing SNB rate cut speculation. Swiss November CPI fell 0.7% m/m and the y/y rate slowed to 1.5%, which was well below expectations and may force the SNB's hand following a series of weak PMI data and soft leading indicators. CHF headed lower as a result, while equity markets also pared losses and turned higher as the European morning progressed, which saw EUR-CHF rally to 1.5289 highs, while USD-CHF hit 1.2094. click here to return to the top of the page
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