Is Singapore the Asian Switzerland?

Andrew Wilkinson submits: The dollar continued to weaken overnight as it typically does in more favorable economic times. The euro extended its claw-back exercise against the greenback while the Swiss franc maintained its nascent role as anchorman of Europe by furthering its recent record peaks against the world's major pair of reserve currencies.

ForexBlog submits:In May, the Swiss Franc touched a record high against not one, but two currencies: the US dollar and the Euro. Having risen by more than 30% against the former and 20% against the latter, the franc might just be the world's best performing currency over the last twelve months. Let's look at the prospects for continued appreciation.

Marc Chandler submits:The US dollar is getting punished; suffering steep broad based losses yesterday. The spark that has driven the euro and sterling through their recent caps near $1.40 and $1.60 respectively, the Australian dollar, Swiss franc and Japanese yen to new highs and the Canadian dollar through parity, appears to have been initially triggered by unexpected tightening by the Monetary Authority of Singapore, which is achieved through the currency appreciation against an undisclosed basket.

Marc Chandler submits:The US dollar is narrowly mixed to start the new week. It is hanged against most of the major currencies as the market waits for fresh trading incentives.The euro was turned back on the initial test of the $1.24 area, Initial support is near $1.2320, but only a break of $1.22 would signal a break of the recent range. The dollar has been confined to a little more than a 10 tick range on either side of JPY89.35. Sterling is little changed and has held above the $1.50 level.

By Tom Lydon: The Swiss franc has pulled back somewhat following a recent spike, but the elevated currency is hurting the country’s exporters and the Swiss National Bank has threatened to take further measures to cool the franc’s rise. Investors continue to seek protection in the currency during the latest market upheavals.

For some time now we have been contrarian dollar bulls. (Risk-off short squeeze anyone?) But Winston Wolfe reminds us to respect the mighty Swissie… – JS In a world where credibility is increasingly scarce, the Swiss franc has a surplus of credibility. As a result, the Swiss franc rallied enormously since the first of the year.

Dr. Duru submits: The strength in the Swiss Franc has accelerated. Even as the euro has stabilized somewhat against the U.S. dollar the past two weeks, the franc continues to set new record highs against the euro. The monthly chart of the euro vs the franc (EUR/CHF) shows how rapidly the franc has gained steam just in the past month.

Sol Palha submits:The dollar has just rallied to a new 11 month high and will soon put in a new 52 week high; in contrast gold has refused to trade below its Feb 5 low of 1045. In Feb 2010 the dollar was trading much lower and so by logic gold should have easily dipped below its Feb 2010 lows. Instead we find that gold is just a hop and skip away from testing its old highs.