Swiss Franc Ignores Domestic Data, Rallies vs. Majors

The Swiss franc managed to gain on some of its most-traded counterparts during the current trading session, even though domestic macroeconomic data was detrimental to the currency.

The Producer Price Index fell 0.2% in April, whereas forecasters predicted no change. Yet that did not prevent the currency from rallying against its major rivals as it was probably boosted by risk aversion caused by the North Korean missile launch and poor macroeconomic indicators in China. While commodity currencies were able to get help from the rally of prices for crude oil, currencies such as the US dollar and the euro had no such luck, dropping versus the Swissie for the third straight day.

USD/CHF fell from 0.9999 to 0.9962 as of 16:38 GMT. EUR/CHF rallied from 1.0934 to 1.0952 intraday but has pulled back to 1.0929 by now.

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