Swissie Gains vs. Euro on Unemployment Rate & CPI
The Swiss franc gained today against the euro after macroeconomic reports showed that the nation’s unemployment rate remained stable, proving expectations for an increase to be wrong, and inflation picked up. The Swissie was down versus the US dollar and the Japanese yen.
The unemployment rate was stable at 2.9 percent in September, while forecasters predicted an increase to 3.0 percent. The Consumer Price Index rose to 0.3 percent last month, while it demonstrated no change in the month before. The positive signs give hope that the Swiss National Bank will drop the cap it has put on the franc last year.
The franc traded near the ceiling of 1.20 franc per euro for the most part of this year till September, when the euro surged tremendously. The shared European currency has given up part of its gains since then and today moved even lower.
EUR/CHF fell from 1.2108 to 1.2101 as of 20:40 GMT today, following the earlier rise to 1.2124. At the same time, USD/CHF advanced from 0.9295 to 0.9330 and CHF/JPY ticked down from 84.55 to 83.86.
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Earlier News About the Swiss Franc:
- Swiss Franc Falls as SNB Committed to Keep Ceiling (2012-09-13)
- USD/CHF Falls, EUR/CHF Rises (2012-09-12)
- CHF Near This Year's Low vs. EUR, Flat vs. USD (2012-09-07)
- Minister Says No Need for Additional Measures to Weaken Swiss Franc (2012-09-05)
- Franc Weakened by Falling Swiss GDP (2012-09-04)