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05.08.2011 09:16

Asian session: Swiss franc elevated on economy fear, yen on BOJ watch

Data released:
05:00     Japan     Leading indicators composite index (June) preliminary    103.2    103.4    99.6
05:00     Japan     Coincident indicators composite index (June) preliminary    108.6    -    106.3

The Swiss franc hit a fresh record high against the euro on Friday.
A strongly risk-averse mood supported the Swiss franc, although comments by Switzerland's central bank chief saying he will not accept a further appreciation in the Swiss franc without acting, sapped some of its momentum.
The yen edged higher and pulled away from a three-week low hit the previous day after Japan's yen-selling intervention, but concerns that Japan could intervene again limited the currency's gains.
Even if Japan were to intervene again, market players said it could be hard for the dollar to rise above the Y80 to Y82 area, where dollar-selling interest from Japanese exporters is likely to be strong.


EUR/USD rose from $1.4070 to $1.4180.
GBP/USD recovered from $1.6244 to $1.6305/10.
USD/JPY set stable around Y78.30/40 after it earlier spiked to Y79.40.

Germany's Industrial Production comes at 10:00 GMT.
But the main event of the day is scheduled to release at 12:30 GMT - US non-farm Payrolls.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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