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Defensive demand supports Swiss Franc

By:   Philip Newton
  • 28-12-2007
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The Swiss currency found further support above the 1.1550 level against the dollar and strengthened to near 1.1420 in early US trading on Thursday. The franc also found some support close to 1.6680 against the Euro although initial gains were limited.

The franc gained some support from a more cautious global stance following the Bhutto assassination while a drop in Asian stock markets also provided some franc support with the advance accelerating on Friday.

Domestic confidence will remain firm with the KOF index holding close to the 2.00 level for December. The evidence has suggested that the Swiss economy is holding form in comparison with the main G7 economies.

The franc around 1.1350 against the dollar in early Europe on Friday as the US currency weakness was enhanced by some safe-haven demand for the Swiss currency and gains subsequently extended to 1.1280.


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