The Swiss franc weakened today as the economic expectations for the Swiss economy deteriorated, making Switzerland’s “safe” currency look less safe.
The ZEW Economic Expectations indicator dropped sharply in May, falling from the April value of 8.8 to -11.5 this month. The fears of the negative influence of the European debt crisis and the strong franc on Switzerland’s economy caused such negative outlook. On the other hand, the assessment of the current economic situation improved and the relevant indicator increased by 6.8 points to 68.6.
USD/CHF went up to 0.8845, following the drop from 0.8806 to 0.8764, and EUR/CHF advanced to 1.2617 from 1.2544 as of 12:13 GMT today.
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