Franc Rises as GDP Growth Beats Expectations

The Swiss franc rose today as economic growth in Switzerland exceed analysts’ expectations, attracting investors to the nation’s assets and supporting the currency’s role as a safe haven. Swiss gross domestic product expanded 0.6 percent in the first quarter of 2013 from the previous three months.
Market participants have hoped for just 0.2 percent growth. The report said: Positive contributions to growth came from private consumption, investments in construction and from the trade balance, whilst investments in machinery and equipment by contrast decreased. The Swiss economy demonstrated a stark contrast to the economy of the eurozone that suffers from recession. Such advantage allowed the franc to gain despite the efforts of the Swiss National Bank to weaken the currency. USD/CHF went down from 0.9613 to 0.9531 and EUR/CHF fell from 1.2441 to 1.2433 as of 20:51 GMT today after rising to 1.2490. CHF/JPY edged up from 105.15 to 105.67. If you have any questions, comments or opinions regarding the Swiss Franc, feel free to post them using the commentary form below. http://www.topforexnews.com/