Greenback Tumbles as Swiss Franc shines

Tuesday, 26 April 2011 02:51

Two important events are expected to take place tomorrow that will have an effect on the Dollar in the forex market.  Federal open Market Committee (FOMC) meetings which start today and continue tomorrow; and tomorrow's press conference with the Federal Reserve Chairman, Ban Bernake.  He is expected to discuss the monetary policy matter.

Things are looking blue for the greenback as it's recording a 3-year low since 2009.  The Dollar fell to an estimated 17% since last year's June at the last eurozone debt crisis.

As opposed to the Dollar's depreciation, the Swiss currency (Franc) reaches a new high against the U.S Dollar.  USD/CHF bottomed at 0.8744 from its opening at 0.8842.

Switzerland's ecnomy is doing exceptionally well.  Unemployement rate is low, real estate is climbing rapidly and Consumer Confidence is high.