Swiss Franc Rises on Robust GDP Growth

The Swiss franc gained against most of its major rivals today, boosted by risk aversion and the better-than-expected GDP print.
The Swiss Federal Statistics Office reported that gross domestic product grew 0.7% in the second quarter of this year following the 1.0% growth in the first quarter (revised, 0.6% before the revision). Experts had predicted a slower rate of growth — 0.5%. The report stated that the expansion was “at an above-average rate for the fifth quarter in a row.”
USD/CHF dropped from 0.9713 to 0.9689 as of 13:18 GMT today. EUR/CHF declined from 1.1297 to 1.1272.

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