The Swiss Franc edged higher against the Pound on Thursday as confidence increased but remained little moved against the majority of its most traded peers in a session where most investors were taking a wait-and-see approach to key data releases.
According to the State Secretariat for Economic Affairs (SECO), sentiment among Switzerland’s consumers improved in the third quarter of 2013. Its confidence index rose to -5 in October, up from the -9 recorded in the previous survey held in July. Despite being an improvement the data came in just below economist forecasts of an improvement to -4.
The improved sentiment reflects the improved optimism from Swiss residents who are seeing improvement in the country’s economic prospects and labour market.
“Consumer confidence in Switzerland was fairly stable during the year through October and reflects the more optimistic expectations of private households for the economy and the labour market in the next 12 months,” Seco said.
The currency’s movements were muted as investors wait for the release of a number of key data releases. The most important of which include the European Central Bank’s policy and interest rate decisions. The Bank of England’s interest rate decision and GDP data for the world’s largest economy of the United States of America are set for release in the afternoon.
Most economists are expecting the ECB to refrain from cutting interest rates as they say that the Eurozone economy is not yet weak enough to warrant such action. Any impact to the Euro is likely to affect the Franc as the Eurozone is Switzerland’s biggest trading partner.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8107
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.0959
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6818
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.1559
(Correct as of 10:00 am GMT)
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