The Swiss Franc managed to recover some ground and push higher against the Pound on Friday after data out of the UK showed a surprise fall in manufacturing and industrial output in November. As a result Sterling took a fall against the Euro, US Dollar and other major peers.
The Franc was little moved earlier in the session after a report released by the State Secretariat for Economic Affairs (SECO) showed that unemployment in Switzerland remained stable in December.
The seasonally adjusted unemployment figures showed that the jobless rate held steady at 3.2%, the same rate seen in November. There were 149,437 unemployed in December, up by 10,364 from November. The number of Swiss citizen’s unemployed increased by 5% from last year. At the same time, youth unemployment increased by 654 from the previous month to 19,981 in December. However, it was down 369 from the same period of 2012.
A separate report showed that inflation fell in November.
Despite the mixed data the Swiss Franc followed other peers higher against the Pound.
According to the Office for National Statistics, industrial output in the UK stagnated at 0% in November on a month by month basis, on a yearly basis production increased by 2.5%, beating economist predictions for 1.69%. Manufacturing also saw stagnation in November. The data weighed upon Sterling as it tempered hopes that the nation’s economic recovery was broadening.
The Franc is likely to experience some volatility later in the session when the Eurozone releases its estimated GDP figures. A weaker than forecast figure could knock the Franc as it would imply weakness in Switzerland’s largest trading partner.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8101
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.1016
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6711
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.2343
(Correct as of 10:00 am GMT)
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