Swiss Franc Ends Friday Strong

On Friday, the Swiss franc ended trading strong against most of its rivals, with the exception of other European currencies. While domestic data was good, the likely reason for the good performance was the European Union migration deal.

As for domestic fundamentals, the KOF Economic Barometer rose from 100.0 in May to 101.7 in June, demonstrating the first increase after the three months of a decline. Analysts had predicted just a marginal increase to 100.3. The report commented on the result:

The tailwind for the Swiss economy is no longer as strong as during winter.

USD/CHF fell from 0.9974 to 0.9895. Meanwhile, EUR/CHF rose from 1.1539 to 1.1560, touching the daily high of 1.6000.

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