(RTTNews) - The Swiss franc reversed its recent uptrend against major currencies in early European trading on Friday. The franc thus fell to a 1-week low versus the pound, 3-day low against the euro and tested previous session's weekly low against the US dollar and yesterday's 9-day low against the yen. The Swiss franc slipped to 82.31 against the yen around 3:30 am ET and a move below this level could set its lowest point of this month. The franc-yen pair, which finished yesterday's deals at 82.58, is presently quoted at 82.39. Japan's revised second quarter GDP and the Bank of Japan's August meeting minutes, which were released earlier in the day likely influenced the yen. Japan's gross domestic product expanded a revised 0.4 percent in the second quarter of 2010 compared to the previous three months, the Cabinet Office said today, topping last month's preliminary reading of +0.1 percent. On an annualized basis, GDP jumped 1.5 percent - blowing past the preliminary mark that showed a 0.4 percent gain. Members of the Bank of Japan have pledged to maintain indefinitely the current extremely accommodative monetary conditions, minutes from the bank's monetary policy meeting on August 9-10 revealed today. The board members also acknowledged that the surging yen is likely to hurt exporters and could force production sits to move abroad, the minutes showed. The board members agreed to closely monitor the yen and its impact. At the meeting, the BoJ maintained its key interest rate at 0.10 percent, in line with expectations. The bank also withheld from unveiling further support measures to tackle deflation. The Swiss franc slumped to a 1-week low of 1.5773 against the pound around 3:35 am ET and this may be compared to yesterday's close of 1.5664. On the downside, the Swiss currency may find target around the 1.5810 level. Against the euro, the Swiss franc fell to a 3-day low of 1.3003 around 3:30 am ET and the next likely support level for the former is seen at 1.3140. The euro-franc pair that finished yesterday's deals at 1.2888 is presently quoted at 1.2993. French industrial production increased 6.4% year-on-year in July, the statistical office Insee said today. Economists had expected an increase of 5%. Month-on-month, industrial output was up 0.9% in July, while economists were expecting a 0.2% increase. The Swiss franc also tested its early Asian session's 1-week low versus the US dollar in early European trading and touched as high as 1.0226 before reversing direction around 3:30 am ET. The greenback-franc pair is presently quoted at 1.0209, compared to 1.0152 hit late New York Thursday.

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