Swiss Franc Down Versus Yen, Advances Against Other Majors Early Tuesday, Tuesday, May 15, 2007 4:05:25 AM

During the very early deals on Tuesday, ahead of the release of the Swiss adjusted real retail sales data for the month of March, the Swiss currency lost ground versus the Yen, but it ticked higher against the rest of majors. Amid the release, the Franc generally traded higher. However, the Franc edged lower again versus the Yen soon after.

Swiss retail sales grew real 7.6% year-over-year in March, the statistical office said Tuesday. Economists expected 4.0% growth. In nominal terms, retail sales turnover increased 5.8%. In the first quarter, sales turnover climbed 5.8% in real terms and advanced 4.2% in nominal terms.

The British CPI, retail price index for April and the Euro-Zone Q1 GDP data are expected during the coming hours. The US April Consumer price index, empire manufacturing survey for May, net long term TIC flows for March are slated for later in the morning, followed by the NAHB housing market index for May at 1:00 pm ET.

In the late hours on Monday, the US dollar drifted down versus the Swiss Franc. At about 11:10 pm ET, the pair made some advances and collected as much as 1.2192 by about 2:00 am ET Tuesday. Soon after, the dollar gave back the recent gains completely. The Swiss economic data which was released during the session weakened the dollar further. Off 1.2168 by about 3:20 am ET the pair gained a few pips. As of 4:02 am Eastern Time, a dollar fetched 1.2175 Francs.

The Euro lost ground against its Swiss counterpart on late Monday in New York, but by about 11:00 pm ET the pair strengthened slightly. In the very early hours on Tuesday, the euro moved sideways. At about 2:00 am ET, following the release of the German Q1 GDP data, the pair made a sharp but brief spike higher. However, the euro made a steep fall within a few minutes and this came ahead and amid the releases of the French Q1 GDP and the Swiss March retail sales data. As of 4:02 am Eastern Time, a Euro traded at 1.6488 Francs.

At about 11:05 pm ET Monday, the Cable started ticking up versus the Swiss Franc. The uptrend helped the pair to collect as much as 2.4137 by about 2:15 am ET Tuesday. The Cable then dropped heavily and this was ahead of the release of the Swiss economic data. The pair continued its downtrend amid the release and as of 4:02 am Eastern Time, a Cable was quoted at 2.4113 Francs.

Against the Yen, the Swiss currency showed choppy trading during late Monday in New York. At about 1:05 am ET Tuesday, ahead of the release of the Swiss economic data, the Franc ticked down. However, amid the release, the pair traded slightly higher but the gains were given back soon after. As of 4:02 am Eastern Time, a Franc collected 98.73 Yen.

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