Swiss Franc Drops After Switzerland’s Economic Outlook Gets Negative Revision

The Swiss franc traded on par with the US dollar but fell against most other major currencies today. While the market sentiment seemed to be beneficial to safe currencies, news from Switzerland itself was detrimental to the Swissie.
Switzerland’s State Secretariat for Economic Affairs revised its growth outlook for the nation’s economy. Growth of gross domestic product received a negative revision to 2.6% in 2018 from the September projection of 2.9% and to 1.5% in 2019 from 2.0% in the previous forecast. Furthermore, the inflation forecast for 2019 was also revised lower to 0.5% from 0.8%.
USD/CHF traded near the opening level of 0.9929 as of 17:38 GMT today after falling to the low of 0.9900 earlier. EUR/CHF gained from 1.1267 to 1.1285, touching the high of 1.1297 intraday.

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