Swiss Currency Rises Against Euro, Dollar And Yen Wednesday Morning [USD/CHF]

Wednesday, March 05, 2008 8:49:50 AM - The Swiss currency was strong against the yen, dollar and euro in morning trading on Wednesday in New York. Meanwhile, the franc saw little direction versus the sterling. The currency moved with little economic news from the area to guide movement.
The Swiss currency rose against its American counterpart on Wednesday. The franc reached a mark of 1.0353 against the dollar in the mid morning action. The pair moved as in the US, the final revision of Q4 Non-farm Productivity came in at +1.9% and Unit Labor Costs were 2.6%. Both figures were expected to remain unchanged from the original report: Productivity at +1.8% and Labor Costs at +2.1%. Meanwhile, the ADP said private sector jobs fell by 23k in Feb versus the consensus estimate of a gain of 18k.
It's the 1st job decline in their survey data since June '03 and it's the weakest since April '03. Factory orders for January will be released at 10:00 am ET, along with the ISM services index for February.
In trading against the pound on Wednesday, the Swiss franc saw little overall direction. By the mid morning, the franc had bounced between a high of 2.0528 and a low of 2.0628. The pair moved as the UK's services Purchasing Managers' Index rose to 54 in February. In January, the index stood at 52.5. Economists expected a level of 52 for February.
The Swiss franc rose sharply against its European counterpart on Wednesday's mid morning. The advance took the currency to 1.5774 against the euro. The pair moved as German services Purchasing Managers' Index rose to 52.2 in February from 49.2 in January. The index reading was the highest for three months.
Though the indicator stayed above the neutral level of 50, the reading remained below the long-run survey average. Meanwhile, Euro zone retail sales rose 0.4% month-on-month in January, reversing a 0.1% fall in December. Economists were looking for 0.3% growth in January.
Versus the yen on Wednesday, the Swiss currency saw strength into the mid morning. The rise brought the franc to 99.80 against its Japanese counterpart. The move brings the franc up off its recent weekly low and is closer to reaching a multi-year high against the yen.