Forex: USD/CHF dips to daily low after SECO forecasts

on Jun 11, 2013

The pair yesterday continued its upside movement from last Friday and during the European session hit a daily high at 0.9417.

Data released yesterday showed Swiss retail sales growth of 3.3 percent in April. Despite that positive number, the Swiss franc was weak against its US counterpart and began a downtrend. The pair dropped to 0.9316 daily low and logged a decline of 0.56 percent for the day.
At 06:45 BST this morning the Swiss State Secretariat for Economic Affairs released the SECO Economic Forecasts report, forecasting a rise in GDP growth in 2013 to 1.4 percent from the 1.3 percent predicted in March and keeping its outlook for next year at 2.1 percent. In its press release, SECO said: “The Swiss economy as before is bearing up relatively well against the backdrop of the recession in the Euro-zone.”
Inflationary expectations for 2013 showed a decrease by 0.1 percent compared to an increase of 0.1 percent in the previous survey.
In trading since release of the data, the USD/CHF has continued its downtrend and recorded a daily low so far at 0.9304.

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