Franc Drops as Traders Feel No Need for Safe Haven
The Swiss franc was falling for the whole week and continued to do so today as sings of growth in the countries of the European Union reduced the demand for the currency as a safe haven.
The eurozone economy expanded 0.3 percent in the second quarter of 2013, beating the forecast of 0.3 percent. France’s and Germany’s economies grew more than was predicted too. The signs of growth made investors less attracted to the safety of the franc, which experienced weakness also due domestic fundamentals.
USD/CHF rose from 0.9326 to 0.9355 and EUR/CHF advanced from 1.2371 to 1.2410 as of 13:16 GMT today.
If you have any questions, comments or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.
Earlier News About the Swiss Franc:
- Swiss Franc Drops After Danthine's Comments (2013-08-12)
- Franc Gains Despite Unfavorable Data (2013-08-07)
- Franc Rises Even as Jordan Says Currency Ceiling Remains in Place (2013-07-22)
- Franc Stronger After SNB Meeting (2013-06-20)
- Franc Rises Ahead of SNB Meeting, Loses Part of Gains (2013-06-18)