The Swiss franc was rather weak today, though it managed to gain on the euro, which itself was soft. Domestic macroeconomic data was decent but did not provide the Swissie much boost.
The KOF Economic Barometer was at 97.0 in August, unchanged from July and exceeding the consensus forecast of 95.6. The report noted, though, that the unchanged reading “conceals slight shifts amongst the components underlying the Barometer”. It clarified further:
Somewhat more favourable signals than before are coming from indicators of foreign demand and domestically from consumer prospects and manufacturing. The remaining indicator bundles (accommodation and food service activities, financial, insurance and other services as well as construction), however, tend to point to stagnation or slight deterioration in economic sentiment.
USD/CHF climbed from 0.9865 to close at 0.9896 today, reaching the high of 0.9918 intraday. At the same time, EUR/CHF dropped from 1.0907 to 1.0875.
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