The Swiss Franc softened against the Euro and is little changed against the Pound after data showed that unemployment in Switzerland remained unchanged at its highest level since 2010 in July highlighting the vulnerability the Swiss economy has in the face of further Eurozone declines.
According to the Bern based Secretariat for Economic Affairs the jobless rate stayed at 3.2% in July. The data was in line with economist forecasts.
Against the US Dollar the Franc rose to a multi-week high as uncertainty over when the Federal Reserve will begin tapering its monetary easing programme weighed upon higher yielding assets.
As a safe-haven currency, the franc rose to record levels through the global recession before pulling back after the SNB imposed 1.20 francs per Euro cap. It remains at historically high levels despite recent apparent improvements in global economic conditions.
“We’ve had a few positive broad-based surprises on the economic front from the US, Switzerland and Europe, but it hasn’t led to a marginally weaker Swiss franc. Markets are likely waiting for more clarity regarding US monetary policy, the global economy appears to be improving, and if the Eurozone pulls further out of recession this should become an environment where demand for the Swiss franc starts to weaken.” said J. Safra Sarasin analyst Ursina Kubli.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8132
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.0861
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.7002
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.1996
(Correct as of 11:40 am GMT)
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