USD/CHF Rises Because of Economic Data, Improving Sentiment

The Swiss franc fell against the US dollar today due to positive macroeconomic data from the United States and the improving market sentiment. Switzerland’s own economic indicators were not helping the currency either.

While markets were rattled at the beginning of the week by a missile launch from North Korea, fears subsided as the situation did not escalate, at least for now. As for Swiss macroeconomic data, the UBS consumption indicator rose from 1.30 to 1.38 in July, but the report said that “private consumption in Switzerland is growing at a subdued pace.” The KOF Economic Barometer dropped from 108.0 to 104.1 in August.

USD/CHF climbed from 0.9555 to 0.9583 as of 13:47 GMT today, reaching the daily high of 0.9607. EUR/CHF was down from 1.1438 to 1.1399 intraday but bounced back to trade at about 1.1434.

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