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The euro is set to rally against the Swiss franc to levels between 1.18 and 1.20, and perhaps beyond, according to a consensus opinion of bank research teams. The euro ended Wednesday’s New York session buying 1.1542 francs and has so far averaged 1.11 francs in 2017.
The driving force for euro appreciation against the franc will be a simple one according to Credit Agricole; that being a divergence in the paths of monetary policy between the European Central Bank and Swiss National Bank.
The British pound rose on Friday to its highest level against the dollar since the UK’s historic ‘Brexit’ vote in June of last year.
By lunchtime in London, the pound was buying $1.3616, capping a brilliant fortnight in which it has risen from rates close to $1.29. On minor profit taking, the currency settled back at $1.3583, for a weekly gain of 3.1%.
Investors were rattled on Friday morning following the news that North Korea had launched another missile over northern Japan. After traversing the island of Hokkaido, the missile is said to have travelled a further 1200 miles before landing in the Pacific Ocean.
The North Korean regime preceded its test with statements that it would “sink” Japan and reduce the United States to “ashes and darkness.” The comments were made in response to new UN sanctions which restrict oil imports and textile exports in the hope of starving the regime of fuel and income.
The trading week ended as it began, with investors selling the dollar and seeking the safety of the yen and Swiss franc.
This time, rather than North Korea, investors have been unnerved by Hurricane Irma – a potentially deadly storm, likely to reach Florida on Saturday evening, that is expected to cause significant economic damage.
Investors fled to the safety of gold, government bonds and the Japanese yen on Tuesday as geopolitics took centre stage.
After North Korea fired a missile over Japan, money flooded into gold, which rallied to a nine-month high of $1,325, and into yen, which strengthened to the low 108s against the dollar.
Asia opened with Friday’s news that Stephen Bannon, another top White House official, got canned/resigned. They didn’t seem to care.
Traders didn’t care about a report that a US Navy destroyer collided with an oil tanker in the Strait of Malacca. And they didn’t care that about the start of South Korea/US war games, either.
EURUSD traded sideways, but well-above yesterday’s in the 1.1735 area until the European session opened. Seasonally-adjusted, Eurozone Q2 GDP posted a 2.2% gain, topping the 2.1% that was predicted. Eurozone nations also recorded better than expected GDP data, suggesting that the recovery is improving and is broad based.
EURUSD bounced between 1.1692 and 1.1757 on the news and is currently trading at 1.1708 in New York.
The US dollar opened in New York on a firm footing. The greenback scratched out added gains against the majors, except for the Swiss franc.
Sterling was lively albeit in thin markets due to a series of Assumption Day holidays throughout the Eurozone.
GBPUSD traded with a negative bias in Asia and bias proved fortuitous during the European session.