Market news

06.09.2011, 12:25

European session:

Data:

09:00 EU(17) GDP (Q2) revised 0.2%

09:00 EU(17) GDP (Q2) revised Y/Y 1.6%

10:00 Germany Manufacturing orders (July) seasonally adjusted -2.8%

10:00 Germany Manufacturing orders (July) not seasonally adjusted, workday adjusted Y/Y 8.7%

The Swiss franc tumbled, dropping the most ever against the euro, after the central bank imposed a ceiling on the currency’s exchange rate and said it will defend the target with the “utmost determination.”

Switzerland’s currency snapped four days of gains versus the euro, falling as much as 8.7 percent and declining to the weakest level since July.

The euro snapped five days of losses against the dollar as European stocks advanced.

The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based central bank said in an e-mailed statement today. “With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs” and “is prepared to buy foreign currency in unlimited quantities.”

EUR/USD: the pair showed high on $1,4280 then decreased in area of $1,4110.

GBP/USD: the pair showed high above $1,6200 but fallen back in area of session low later.

USD/JPY: the pair become stronger above Y77,00, showed high on Y77,60.

At 1400GMT the ISM Non-Manufacturing Index is due.

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