The Swiss Franc has softened against the Euro and most other peers due to demand for the safe haven currency falling as expectations of a resolution to the political impasse in the United States grew.
The Swiss currency found support after official data showed that retail sales in the country rose by 2.4% in August compared to the previous year. The improved figure beat economist forecasts for a rise of just 1%.
Unemployment data was also released which showed that the jobless rate in the Alpine country remained unchanged at a seasonally adjusted level of 3.2% in September. According to the State Secretariat for Economic Affairs the number of unemployed people stayed around 131,072, slightly higher than the previous month. On a yearly basis unemployment rose by 10,725, Youth unemployment however decreased slightly by 0.35% compared to the previous month to around 20,137.
Consumer prices in Switzerland fell in line with forecasts on a yearly basis. They fell by 0.1%.
Despite the release of the data the Swiss Franc largely ignored it as market attention was focused on the continuing situation in the US.
Demand for the safe haven currency softened after US President Barrack Obama reaffirmed that he was willing to negotiate with the Republican Party over a number of issues. His words raised hopes that the US government will agree to raise the nation’s debt ceiling before the October 17th deadline passes.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8138
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.1044
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6881
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.1692
(Correct as of 12:10 pm GMT)
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