Swissie Falls vs. Dollar on Poor Swiss Fundamental Data
The Swiss franc extended its drop versus the US dollar for the fifth straight session today as the fundamental data from Switzerland was not favorable for the currency. The Swissie dropped against the Japanese yen yesterday, but turned up today. The Swiss currency also continued to rise against the euro.
The KOF Economic Barometer fell from 1.50 in November to 1.28 in December, declining for the third month in a row. The report said:
In comparison to previous months the cooling trend gathered some momentum in December. The prospects for the Swiss economy are noticeably bleaker in the new year.
The SVME Purchasing Managers’ Index was at 49.5 in December. It was higher that November’s 48.5, but still indicated a decline, being below the 50.0 level of neutrality.
USD/CHF rose from 0.9265 to 0.9276 as of 2:35 GMT today and its intraday high of 0.9284 was highest since December 12. EUR/CHF declined from 1.2091 to 1.2088, reaching as low as 1.2083 intraday. CHF/JPY was up from 94.07 to 94.43.
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Earlier News About the Swiss Franc:
- Franc Erases Gains vs. Dollar & Yen as SNB Maintains Ceiling (2012-12-13)
- EUR/CHF Surges as UBS Charges for Deposits (2012-12-11)
- Swiss Franc Drops on Speculations About Negative Interest Rates (2012-12-05)
- EUR/CHF Advances as Jordan Says Franc Still Too Strong (2012-11-29)
- Swiss Franc Gains vs. Euro, Drops vs. Dollar (2012-11-13)