The Swiss Franc is little changed against the Euro and US Dollar but has softened against the Pound following the release of data showing that consumer confidence in Switzerland fell more than expected in July.
According to State Secretariat for Economic Affairs (Seco) the quarterly released Swiss Consumer sentiment Index consumer confidence in the Alpine nation fell slightly in the second quarter as households grew increasingly pessimistic over the economy and employment opportunities. The Index fell to -9 in July, down from the -5 recorded in June.
“Consumer sentiment in Switzerland remained relatively stable in July with the index corresponding to the historical average and reflects the rather prudent attitude of Swiss private households,” Seco said.
Lending some support to the Franc was data showing that deflation in the country came to an end in July, the first stop in twenty one months as the Swiss governments policy of currency devaluation finally begins to impact local prices.
Consumer prices were unchanged from July 2012, higher than expectations for consumer prices to indicate 0.1% deflation for the second consecutive month. Consumer prices declined 0.4% on a monthly basis in July, according to the Swiss Federal Statistics Office.
Other data released on Wednesday showed that the value of the Swiss National Bank’s foreign currency reserves edged up to 434.9 billion Swiss Francs in July. The increase is thought to reflect the strengthening Euro. Investor appetite for riskier assets saw the single currency receive a boost at the expense of the Franc.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8114
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.0773
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.7038
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.2049
(Correct as of 12:30 pm GMT)
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