The Swiss franc surged today, reaching the highest level since February against the US dollar and the strongest rate since June versus the euro, as positive macroeconomic data improved the outlook for nation’s economic growth.
The KOF Economic Barometer rose to 1.53 in September up from 1.37 in August. The median forecast has promised a smaller increase to 1.46. The report said:
The latest development in the dynamics of the KOF Economic Barometer leads to the expectation that year-on-year GDP growth will during the next few months be positive.
USD/CHF fell from 0.9101 to 0.9048 as of 16:09 GMT today and its daily low of 0.9020 was lowest since February 1. EUR/CHF dropped from 1.2275 to 1.2247 following the decline to 1.2235 — the weakest price since June 25.
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Swiss Franc Rises as Positive Data Results in Optimism
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