Swiss Franc Loses Gains, Domestic Data Doesn’t Help

The Swiss franc attempted to rally today but by now has lost its gains against almost all of its most-traded rivals, with the exception of the euro. Domestic macroeconomic data was not helpful to the currency.
The KOF Economic Barometer was at 93.6 in June, down a little from 93.8 in May. Ahead of the report, analysts had predicted an improvement to 94.2. Tellingly, the report was titled “Stagnation at a Low Level”, and it commented on the result:

The downward tendency that has been present since the beginning of the year is now flattening out. The economic outlook for Switzerland remains dampened in the middle of 2019.

USD/CHF was little changed at 0.9766 as of 17:08 GMT today after falling to the session low of 0.9738 intraday. At the same time, EUR/CHF went down from 1.1101 to 1.1093.

If you have any questions, comments, or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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