The Pound Sterling (GBP) to Swiss Franc (CHF) Exchange Rate was little moved on Monday as a Manufacturing Purchasing Managers Index (PMI) out of the Alpine nation came in better than forecast.
According to the report released by the Swiss SVME purchasing managers association and Credit Suisse, manufacturing activity in Switzerland expanded at a faster pace than forecast in July as production picked up from June’s level.
The PMI increased to a seasonally adjusted figure of 54.3 in July, up from the reading of 54.0 seen in June. The figure came in better than economist expectations of 52.8. According to the PMI a figure above 50 indicates expansion whereas a number below 50 indicates contraction.
The Pound also found support on Monday after the latest Construction PMI data came in better than economist forecasts.
According to Markit’s Construction PMI, activity in the sector expanded for a 15th straight month. The report also showed that employment in the construction activity expanded by its fastest pace since records began in April 1997.
The PMI fell slightly from June’s reading of 62.6 to 62.4 in July. Despite the fall the number was better than the 62.0 forecast by economists.
‘July’s figures suggest the UK construction sector is enjoying its strongest cyclical upswing since the global financial crisis, while a new record rise in employment highlights that construction firms are increasingly confident about the sustainability of the upturn,’ said Tim Moore, Senior Economist at Markit.
Pound Sterling to Swiss Franc Forecast
Geopolitical concerns over the situations in Gaza, Ukraine and Libya could offer support to the Swiss Franc as the week progresses. Violence in Libya has increased over the past few days spurring the UK to evacuate its citizens via a Royal Navy Vessel.
The violence has raised concerns over the potential impacts on the world’s oil supply as Libya is a major provider of the commodity.
The next round of major data releases for the Pound is due on Wednesday with the latest Manufacturing and Industrial production PMI reports.
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,1.1034 ,
Swiss Franc,,British Pound,0.6557 ,
Swiss Franc,,Canadian Dollar,1.2055 ,
Pound Sterling,, Swiss Franc,1.5248,
Euro,, Swiss Franc,1.2161 ,
US Dollar,, Swiss Franc,0.9056 ,
[/table]
Comments are closed.