Switzerland set minimum foreign exchange rate

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Foreign Exchange Overnight/Morning Ranges:

Currency Rate EUR/USD 1.4038-1.4280

Currency Rate GBP/USD 1.6065-1.6205

Currency Rate GBP/EUR 1.1335-1.1449

In a surprise statement this morning the Swiss National Bank announced that they will set a minimum rate at CHF 1.20 per Euro. Where Switzerland set minimum foreign exchange rate and stated that further measures will be taken as the massive overvaluation of the Franc is a threat to the Swiss economy. The CHF has weakened approximately 8% against the Euro this morning.

The Swiss National Bank said it would enforce the minimum rate by buying foreign currency in unlimited quantities where the move had an immediate effect, with the euro rising from about 1.10 francs before the announcement to 1.21 francs.

Sterling a little weaker versus the Euro due to Euro buying on this Swiss news.

Euro Zone debt concerns and the weaker global economic outlook saw the Euro trade at a seven week low versus the USD. Despite announcing no guarantees on further Euro bond purchases, the ECB have this morning been seen buying Spanish and Italian bonds.

Workers across Italy begin a strike today as Berlusconi scrambles to secure parliamentary backing for the austerity package. Asian Central banks were rumoured to be buyers of Euro’s at $ 1.4050 level in the Far East.

EUR/USD currently 1.4210. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6114. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1428. Support 1.1100, resistance 1.1350.

Oil $ 83.58 Gold $ 1891

Dow -2.2% (Fri close-Public holiday yesterday)

FTSE +0.49% Nikkei -2.21%

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