The Swiss Franc softened against the Pound on Monday as economists look ahead to Wednesday’s key UK unemployment and inflation data.
With a lack of key economic data due both today and on Tuesday investors are looking ahead to events later in the week. As a result of the lack of data trading was muted.
According to Switzerland’s Federal Statistical Office year on year retail sales in Switzerland increased by 5% in March, beating economist forecasts for a rise of 2.3%.
Retail sales growth in February was revised up to a 1.2% gain from a previously reported increase of 1%. Following the data release the Franc was little changed against the US Dollar.
The Pound ticked higher after it found support from a Lloyd’s employment confidence report. The report showed that confidence increased from the -2 recorded in March to 1 in April.
Demand for sterling continues to be underpinned by expectations for a UK interest rate hike in the early part of next year after a recent series of strong economic data indicated that the recovery is deepening.
Against the US Dollar the Swiss Franc was holding steady close to its highest level in a month. Against the Euro it softened after the Euro stabilised following last week’s steep losses. The single currency fell sharply after European Central Bank President Mario Draghi hinted that policy makers were likely to introduce stimulus measures next month.
The Franc could make gains if the situation in Ukraine worsens. Concerns are growing that the nation could descend into civil war following the weekend’s referendum vote held by Pro-Russian separatists. The vote was condemned by the EU and USA.
Current Swiss Franc (CHF) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Swiss Franc,
,US Dollar,1.1275 ,
Swiss Franc,,Pound Sterling,0.6676 ,
Swiss Franc,,Euro,0.8192 ,
Pound Sterling,,Swiss Franc,1.4980 ,
[/table]
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