The Swiss franc rallied together with other currencies against the US dollar today, but the Swissie was unable to outperform the euro, falling against the shared 19-nation currency.
The Swiss economic outlook improved as was shown by the ZEW-CS-Indicator for the economic sentiment in Switzerland that increased from 17.5 to 19.4 in June. The report said:
Survey participants show a strong agreement regarding the assessment of Switzerlandâs current economic situation: 93.8 per cent of analysts evaluate the situation as “normal”. None of the surveyed experts considers the current economic conditions to be “bad”.
Yet the positive data did not give the Swiss currency enough boost to compete with the euro due to the market sentiment that was not beneficial to safe haven currencies.
USD/CHF dropped from 0.9621 to 0.9582 as of 13:46 GMT today. At the same time, EUR/CHF rallied from 1.0818 to 1.0828.
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