The Switzerland franc was weak today despite better-than-expected economic growth in Switzerland. The problem for the currency was the positive market sentiment, which reduced the Swissie’s appeal in the role of a safe currency.
Switzerland’s State Secretariat for Economic Affairs reported that gross domestic product rose 0.3% in the second quarter of 2019 after rising 0.4% in the previous quarter. Still, the pace of growth was faster than 0.2% predicted by economists. But the positive developments in the US-China trade conflict made traders seek riskier high-beta currencies, not safer ones.
USD/CHF edged up from 0.9807 to 0.9824 as of 8:00 GMT today, touching the high of 0.9843 intraday. EUR/CHF gained from 1.0821 to 1.0845.
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