Swiss franc slides further against dollar
The Swiss franc has retreated further against the dollar, following the release of solid economic growth figures in the United States.
On Monday, the dollar pushed through the SFr1.6760 level, after reaching a high of SFr1.6740 on Friday.
The US second quarter GDP numbers upset hopes that the economic tide might be turning in Europe’s favour. American economic growth is still outpacing that of Europe, causing the euro and the Swiss franc to remain low against the dollar.
The US growth numbers also dashed hopes that there would be no more increases in US interest rates – higher US rates have been keeping the dollar stronger. Friday’s data has now revived hopes that the US Federal Reserve Bank might increase US interest rates at its next meeting on August 22.
On the Swiss domestic front, the focus is now on the Swiss consumer price index, out this Thursday. The numbers are expected to show a year-on-year rate up two per cent, which would match the Swiss National Bank’s ceiling rate.
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