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03.08.2011 08:48

Asian session: Franc slides from records; SNB believes currency overvalued

The Swiss franc slid against the dollar and the euro after the nation’s central bank said the currency is “massively overvalued.”
The central bank said  "we have to take measures against strong frank".
The SNB said it will "significantly'' increase the supply of liquidity to the Swiss franc money market over the coming days to help counter the currency's appreciation.
The franc earlier strengthened to records versus the 17-nation euro and the dollar.
Meanwhile, Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings for the U.S. while warning that downgrades were possible if lawmakers fail to enact debt reduction measures and the economy weakens.
The outlook for the U.S. grade is now negative, Moody’s said in a statement yesterday after President Barack Obama signed into law a plan to lift the nation’s borrowing limit and cut spending following months of wrangling between Democratic leaders and Republican lawmakers.

EUR/USD initially fell to $1.4142 before strongly recovered to current $1.4274 after SNB's warning about frank spurred some outflow from the currency.
GBP/USD posted lows around $1.6245 before recovered to $1.6365.
USD/JPY fell to the lows near Y76.95 before it was back to Y77.33.

ADP employment report is due to come at 12:15 GMT.
US non-manuf ISM index and Jun Factory Orders are scheduled to release at 14:00 GMT.  

03.08.2011 08:55

EUR/USD holds higher

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