Swiss Franc Gains After Favorable Economic Data

The Swiss franc gained against most of its major rivals today after the Producer Price Index demonstrated an unexpected increase and economic sentiment for Switzerland improved.

The PPI rose 0.1% in November instead of falling at the same rate as economists had predicted. The ZEW-CS-Indicator for the economic sentiment in Switzerland rose from 8.9 to 12.9 in December, gaining for the fourth time in a row. The report also said that economic expectations for the eurozone were roughly balanced between optimists and pessimists while the sentiment for the United States logged a sharp increase, offsetting the previous slump caused by the victory of Donald Trump in the US presidential elections.

USD/CHF declined from 1.0118 to 1.0084 as of 15:25 GMT today. EUR/CHF was up from 1.0750 to 1.0775 intraday but backed off to trade at 1.0747 later.

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