Swiss Franc Vulnerable Despite Positive Fundamentals

The Swiss franc slipped versus the US dollar today despite supportive fundamentals. Against other currencies, the Swissie was mixed.

Switzerland’s trade balance surplus widened from CHF 1.1 billion in January to CHF 3.2 billion in February, above the consensus forecast. The economic forecast by the Federal Government’s Expert Group painted a positive picture of the Swiss economy. Yet all that was not particularly helpful to the Swissie, perhaps because traders were anticipating an interest rate hike from the Federal Reserve tomorrow and were adjusting their positions accordingly.

USD/CHF rallied from 0.9513 to 0.9544 as of 12:49 GMT today. EUR/CHF slipped from 1.1734 to 1.1723 after rising to 1.1749 earlier.

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