Currency Watch: Euro, Swiss Franc Remain Soft
The Swiss franc has continued to give back some of its gains in overnight trading. After seeing highs yesterday in New York of SF1.6230 the dollar has gained further ground and is opening in U.S. markets at SF1.6425 a recovery of nearly half of the 5 centimes it lost following last Thursday's Swiss interest-rate rise. As earlier, the weakness of the SF has caused some softness in the euro.
The market continues to await news on possible production increases to come out of the OPEC meetings in Vienna. Saudi Arabian Oil Minister Ali al-Naimi commented that he expected OPEC to reach an output decision that would stabilize the oil market.
Dollar/yen is trading at 106.15 after holding in a narrow range overnight. Traders see little likelihood of a major move in this relationship before the release of the Bank of Japan's quarterly tankan survey next Monday.
The euro remains subdued and has remained within its European trading range at around $0.9680. ...
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