FXMarketAlerts Team
FXMarketAlerts
Published at 07:36 (GMT) 23 Dec
WSJ: Tiffany has to pay Swiss watchmaker Swatch Group the equivalent of $449.5 million in damages related to the two companies' failed partnership. The penalty exceeds the US luxury-goods maker's annual earnings last year.
In a statement Sunday, Tiffany said a 3-member Dutch arbitration panel ruled Saturday in Swatch's favor with one dissenting opinion. Tiffany Chairman Michael Kowalski said he was extremely disappointed by the decision and is conferring with his legal team about the company's options.
On FX, some focus on the above ruling and how the settlement will be done. If all agreed upon, could see US corporate, selling USD/CHF, on rallies to pay the Swiss corporate? USD/CHF at 0.8953-55, just off the 2-week highs of 0.9000 seen on Friday, highest since Dec 5 0.9048. Bids at 0.8900-05. Interestingly, USD/CHF and AUD/USD are trading around same rates again - with same big figures 0.89 as AUD/USD recovers to 1-week highs of 0.8947 earlier. Offers in USD/CHF 0.9000-10. EUR/CHF at 1.2253-55, range of 1.2200-1.2300 on the wide again, after recovery back above 1.2200. Eye any SNB rumours again - below key 1.2200 handle. Though markets likely to be quiet given Christmas and New Year holidays. WL
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