By FX Empire.com
The EUR/CHF held the tight trading range with a choppy trading session as the focused remained on the worsening state of the global economy.
Weak industrial figures from Japan started the day in fear and the downbeat news continued to stream of there leaving the pair without any appeal for investors, especially considering the fragile state of the euro.
Moody’s warned France of the worsening outlook and that it could lose its AAA rating, Hungary reflected southern European pain and applied for IMF aid and all ensured the spreading contagion. The US suppercommittee also failed to reach agreement on the debt cuts which all ended in a toxic effect on the sentiment and fueled risk aversion.
Tuesday will see further volatility and choppy trading and we still hope for some relief from Europe which all depends on the outcome of the late meetings in Brussels as both Mario and Papademos independently head to meet EU officials to outline the new plans which we hope might offer any details the might calm investors and ease surging yields.
At 06:00 GMT, the Swiss economy will release its most important data for the week which is trade data for Oct. with exports and imports during the month.
The euro zone will start the session at 15:00 GMT with the consumer confidence indicator for November in the advanced reading, where the indicator stood at -19.9 in the previous month.
Originally posted here
