(RTTNews) - The Swiss currency extended its early Asian session uptrend against the currencies of the U.K and Europe and recouped some of its previous session losses against the U.S. and Japanese units on Tuesday's early trading as an encouraging economic report from UBS lifted investors' sentiments. The Swiss franc thus touched a 5-day high against the euro and a 4-day low against the pound and moved slightly off from new multi-month lows against the US dollar and multi-day lows against the yen. UBS bank's Switzerland consumption indicator climbed in April signaling an acceleration in private consumer spending. The consumption indicator rose to 1.76 in April from a revised 1.68 in March, well above its long-term average of 1.50. UBS said the rise in the indicator was driven by significantly higher business activity in the country's retail sector. A rise in consumer spending bodes well for the Swiss economy, with private consumption making up nearly 60% of the country's gross domestic product. The Swiss franc appreciated almost 0.7 percent to reach a 4-day high of 1.6614 against the pound around 2:50 am ET from yesterday's close of 1.6731. On the upside, the domestic unit may find resistance around the 1.6440 level. Against the euro, the Swiss franc soared to a 5-day high of 1.4225 around 2:55 am ET and this may be compared to yesterday's close of 1.4345. The franc is presently worth 1.4254 against the euro and a move above its early May high of 1.4005 could set its highest level in record. Traders concerned about the strength of the euro-zone economy after the Spanish Government nationalised an ailing savings bank CajaSur. The Bank of Spain unveiled a rescue plan over the weekend for regional savings bank CajaSur, which could cost up to 2.7 billion euros, weighing the already strained Spain's public finances down and further undermining confidence in the stability of European financials. Further, the Italian government is expected to announce spending cuts later today as it seeks to shore up public finances and restore investor confidence. The cuts are intended to bring down the deficit by around EUR 24 billion in the next two years, to 2.7% of total national output. The Swiss franc that slumped to a 5-day low of 77.14 against the yen around 2:20 am ET moved slightly off thereafter. The franc-yen pair that closed yesterday's deals at 77.91 is presently quoted at 77.31. The Japanese Deputy Prime Minister Naoto Kan said today noted that the current turmoil jolting the global stock markets will gradually subside. Kan, who doubles as the minister of economy and fiscal policy, made the comments to reporters after a morning cabinet meeting.

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