Swiss Franc Unfazed by Bad Economic Data

Switzerland’s economic data released over Wednesday was rather disappointing. It did not prevent the Swiss franc from gaining on the US dollar and the euro, though the latter is trying to fight back.

Switzerland real gross domestic product rose 0.1% in the first quarter of 2016 from the previous three months while analysts had predicted an increase by 0.3%. Retail sales demonstrated a drop by 2.4% in April from a year ago (in real terms) versus the 0.6% decrease promised by experts. Now, traders wait for tomorrow’s meeting of the European Central Bank that may have a big impact on the Swissie because the Swiss National Bank watches actions of the ECB closely and often repeats them.

USD/CHF was down from 0.9935 to 0.9878 as of 20:40 GMT today. EUR/CHF declined from 1.1060 to the session low of 1.1022 but has rebounded to trade at 1.1052 as of now.

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