2010.09.2005:21:00UTC+00Swiss Franc Surges Up Against Majors

During early European trading on Monday, the Swiss franc spiked higher against major currencies. The franc thus jumped to a 4-day high against other major rivals.

European stocks opened modestly higher on Monday despite data showing soft U.S. consumer sentiment and caution ahead of a Federal Reserve meeting on Tuesday.

While the Fed is unlikely to announce any new monetary policy moves, investors will closely watch the post-meeting statement for clues on the possibility of the Fed expanding its quantitative easing program to support the sluggish recovery in the world's largest economy.

After slight weakness in early Asian session, the franc traded higher against the euro and the US dollar in today's European deals. At 3:30 am ET, the franc climbed to a 4-day high of 1.3141 against the euro and 1.0033 versus the greenback from previous session's lows of 1.3233 and 1.0121, respectively. Currently, the franc is worth 1.0041 against the buck and 1.3162 versus the euro.

The franc that touched a low of 1.5862 versus the British pound in Asian session bounced back in early European trading and hit a 4-day high of 1.5691 by about 3:30 am ET. The pound-franc pair is presently trading at 1.5714. The pair closed last week's trading at 1.5787.

Against its Japanese counterpart, the Swiss currency also soared up to a 4-day high of 85.42 as of 3:30 am ET, after touching a low of 84.71 in early Asian deals. The franc-yen pair that closed Friday's New York session at 84.95 is now worth 85.31.

The U.S. NAHB housing market index for September is expected in the North American session.

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