The Swiss Franc has weakened against the Pound and softened against the US Dollar after the latest retail sales data out of the country disappointed investors.
Official retail sales data showed that sales in the country has risen by an annualized rate of 0.85 in July, despite the rise the figure disappointed investors who had been expecting a 3.2% increase following the 2.3% rise recorded in the previous month.
The Pound has been supported on Monday following a speech by Chancellor George Osborne in which he said that the UK economy is turning a corner.
Mr Osborne said: “The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped.
“But we held our nerve when many told us to abandon our plan. And as a result, thanks to the efforts and sacrifices of the British people, Britain is turning a corner.”
Meanwhile, the US Dollar remained under pressure after lower-than-expected U.S. nonfarm on Friday dampened expectations that the Federal Reserve could start to pull back stimulus measures later this month.
Other data had little impact on the currency. The rate of unemployment in Switzerland remained unchanged last month, official data showed on Thursday. In a report, State Secretariat for Economic Affairs said that Switzerland’s unemployment rate remained unchanged at a seasonally adjusted 3.2%, from 3.2% in the preceding month. Analysts had expected Switzerland’s unemployment rate to remain unchanged at 3.2% last month.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8090
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.0668
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6809
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.1575
(Correct as of 12:00 pm GMT)
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