Swiss Franc Trades Strong on Thursday

The Swiss franc was rather strong today, gaining on most of its major rivals. Economic data released in Switzerland over the trading session was neutral.

The Swiss unemployment rate fell from 2.7% to 2.4% in May (not adjusted for seasonal variations), below the median forecast of 2.5%. The Swiss National Bank reported that foreign currency reserves shrank to CHF 741 billion in April from CHF 757 billion in March.

USD/CHF dropped from 0.9859 to 0.9808 as of 12:32 GMT today. CHF/JPY rallied from 111.64 to 112.18, trading near the highest level since March 15.

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