Swiss Franc Hits Record Highs Vs.Euro

Yesterday the Swiss franc moved to record levels against the euro, many analysts believe it's because investors are becoming increasing concerned with the euro-zone's sovereign debt problems.


Yesterday the Swiss franc moved to record levels against the euro, many analysts believe it's because investors are becoming increasing concerned with the euro-zone's sovereign debt problems.

Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington, D.C. said "The Swiss franc has obviously been benefitting from the heightened level of risk aversion associated with the ongoing credit crisis in the eurozone." The franc "has become the market's favorite safe haven currency," Esiner added.

As Greece's parliament met to debate its annual budget, including stringent austerity measures designed to curb spending and manage the country's debt, the euro-zone's credit problems continued to be a problem for the common currency. Strikes have plagued Greece in the last week, highlighting the political issues that face troubled euro-zone countries as they fight to address their sovereign-debt imbalances. A vote on the Greek budget is expected Wednesday.

Revised economic data showed U.S. GDP failed to meet analysts' expectations for growth in the third quarter, expanding 2.6% from July through September. A survey of economists by Dow Jones Newswires had predicted a rise of 2.9%.

The shortfall manifested itself in consumer spending, with households purchasing less than many economists had previously forecast. Business inventories were also at higher levels than economists had predicted.


The global economic recovery suffered another setback in Japan, which Wednesday released trade statistics for November announcing lower than expected exports. That could mean that real exports between October and December might also be down, analysts said. "The lack of any signs of an export recovery until now suggests that any recovery in early next year could be weaker than we have been projecting," Nomura analyst Kohei Okazaki wrote in a research note.

Company Contact Information
forex trading secrets
Ben McArthur
914 ceasarville rd wetumpka al.
36092
334 832 9773

Press Release Distribution and Press Release Service by I-Newswire