Tuesday in Asia, the Swiss franc jumped to near a 9- 1/2 -month high against the U.S. dollar. The franc also strengthened to a 1-week high against the pound and a 4-day high against the euro.
Meanwhile, the franc recouped its early losses against the yen.
The Swiss franc strengthened against the euro during Asian session on Tuesday. The franc is currently trading at a 4-day high of 1.2911 against the euro with 1.285 seen as the next upside target level. At yesterday’s close, the euro-franc pair was quoted at 1.2980.
In Asian deals on Tuesday, the Swiss franc spiked higher against the U.S. dollar. As of now, the franc is worth 1.0027 per dollar, its highest level since December 04, 2009. If the Swiss currency gains further, it may likely target the 0.991 level. The dollar-franc pair closed yesterday’s trading at 1.0076.
The Swiss franc advanced against the British pound in Asian deals on Tuesday. Currently, the franc is trading at a 1-week high of 1.5446 against the pound, compared to 1.5548 hit late New York Monday. The next upside target level for the Swiss franc is seen at 1.543.
The Swiss franc that slipped to 82.61 against the Japanese yen in early Tuesday Asian deals at 8:50 pm ET bounced back thereafter. The franc-yen pair that closed Monday’s trading at 83.11 is presently worth 83.30. On the upside, 83.9 is seen as the next target level for the Swiss currency.
The yen was little changed amid Japan’s revised industrial production report for July, which was released at 12:30 am ET.
Investors are now waiting for the outcome of the vote by Democratic Party of Japan members for their party president. Prime Minister Naoto Kan is facing off with political heavyweight Ichiro Ozawa for Japan’s top post, with media reports suggesting the race is too close to call, though some reports give Mr. Kan a slight edge.
The results are expected after the Tokyo stock market shuts Tuesday.
German wholesale price index, French and the U.K. CPI – all for August, Eurozone industrial production for July and the German ZEW economic sentiment index for September are expected to influence trading in the European session.
Across the Atlantic, the U.S. retail sales for August and business inventories for July are slated for release in the New York session.