Swiss Franc Supported by Low Unemployment

The Swiss franc was flat against some currencies and rose versus others today as a report showed that unemployment in Switzerland remained extremely low.

The State Secretariat for Economic Affairs reported that the unemployment rate was at 3.0% in October (3.1% if adjusted for seasonal variations), unchanged from September and in line with market expectations. It was the lowest level since October 2014. Meanwhile, Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank was delivering a speech today, defending independence of central banks around the world even though they “have faced growing criticism” as “they resorted to unconventional monetary policy instruments and expanded their field of operations” after the financial crisis.

USD/CHF dropped from 0.9998 to 0.9933 as of 17:53 GMT today. EUR/CHF slid from 1.1591 to 1.1571, retreating from the daily high of 1.1618.

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