The Swiss Franc is hovering close to a two-week low against the US Dollar as the US currency continues to be bolstered by economic data showing improvements in business sentiment, confidence, durable goods orders and house prices.
Adding to the US Dollar’s strength was the fact that the USA topped a confidence survey on foreign direct investment for the first time in twelve years.
The inflow of foreign investment has boosted the ‘Greenback’ and is likely to provide further support for the currency.
Against the Euro the Swiss Franc edged upwards toward a seven-week high registered on Monday. The single currency weakened against a number of its peers following comments made by ECB President Mario Draghi and the inability of the regions finance ministers to agree on how to deal with troubled banks in the future.
Supporting the Franc was the release of the latest UBS Consumption indicator data which gauges the amount of consumer spending in the country.
The data takes into account the sales and money spent on new car sales, business trends in retail, overnight hotel sales by Swiss nationals and the amount of credit card transactions.
The indicator rose to 1.46 in May from a revised 1.43 in April, nudging into positive territory on the back of stronger retail trade sentiment, with stronger April sales raising hopes of easing pressure on retailers’ margins.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8151
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.0658
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6919
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.1467
(Correct as of 11:10 pm GMT)
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