The Swiss franc sank today as the positive market sentiment made traders less interested in safety provided by the currency. Domestic fundamentals did not lend enough support for the Swissie to hold its ground.
The ZEW-CS-Indicator for the economic sentiment in Switzerland gained from 2.5 to 11.5 in April. Yet the supportive news was countered by the rally of crude oil. Crude bounced after earlier decline, meaning that there is no sense for sticking to safe currencies like the franc.
USD/CHF surged from 0.9618 to 0.9720 as of 21:17 GMT today. EUR/CHF climbed from 1.0923 to 1.0981.
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