The Swiss franc fell against most of its major rivals today. Poor domestic macroeconomic data has likely played some part in the decline.
The KOF Economic Barometer fell to 95.0 in January from 96.4 in December. Analysts had expected an increase to 96.8. The report commented on the result:
The downward tendency that emerged at the end of last year continues.
KOF added further:
This renewed decline is especially attributable to negative developments within the manufacturing industry and the service industry. In addition, export prospects cloud over. On the other hand, indicators for the hotel and catering sector, the banking and insurance sector as well as the construction sector send positive signals.
Released yesterday, the Swiss trade balance showed a reading of CHF 1.79 billion in December, down from CHF 3 billion in November. It was the smallest surplus since September.
USD/CHF climbed from 0.9946 to 0.9988 as of 17:45 GMT today. GBP/CHF rallied from 1.2991 to 1.3048. CHF/JPY fell from 109.96 to 109.66.
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