FX update: CHF under modest pressure, SNB comments weigh
First Published Thursday, 9 July 2009 from Need to Know News
CHF experienced modest selling pressure, which lifted EUR/CHF back in to 1.5150 following good local demand around the 1.5120 region.
The SNB's vice chairman, Philipp Hildebrand, said late on Wednesday that the global economy may be near a turning point, but he supported discussion of fresh economic stimulus.
Hildebrand also said he felt Switzerland was yet to fully feel the economic downturn, suggesting that the Bank is still on tenterhooks, which should keep the swissy on the backfoot.
The cross fell in to the European session due to general dollar supply, but a supra-national name was a decent buyer from 1.0640 up to the 1.0665 level following the early pull back from 1.0700.
USD/CHF struggled to sustain a move below 1.0600 and the general appetite for the crosses is a supportive factor.
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"The American Petroleum Institute reported a 0.4 mmbls build in US commercial crude stocks that was on the low end of the range of expectations, with sharply lower imports and somewhat higher crude runs than in the prior week....continued
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Crude inventories are expected to rise 1.3mln following a 1.432mln increase prior Unleaded inventories are expected to drop 1.0mln following a 2.959mln draw prior Distillate inventories are expected to drop 1.5mln following a 2.217mln drop prior Refinery Utilization is expected to rise 0.2% to 80.9%...continued
- Preview: February PPI
...continued
- BOE's Bean...best way to balance competing needs is by "retaining clarity of present remit"
BOE's Bean...best way to balance competing needs is by "retaining clarity of present remit"...continued
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...continued
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