Commentary
Ahead of the more important NAPM survey in the US tomorrow, some indications of business sentiment should be gleaned from today's Chicago PMI which is expected to continue the run of survey evidence seen in the last couple of days. We are looking for a rebound to 53.5 from a previous reading of 52.0 following the strong showing in the Philadelphia Fed index last week. While the Swiss KOF barometer for July indicates that economic growth has peaked in H1/00, one must realise that the KOF barometer leads the business cycle by 6 to 9 months. Therefore, growth in Switzerland remains very strong. Therefore, we don't expect any further movement to the north in USDCHF as also seen in the UBS Sentiment Index.

Also CHF/US$ bei 1.65 bis 1.69?
Mal sehen...

Gruss
Frank


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