Futures Market News
Franc recovers against euro, dollar
Feb 02, 2012 02:21 PM
A strong performance by the Swiss franc on Thursday against the U.S. dollar and the common currency of the European Union was driven by a government report indicating Swiss exports increased in December, according to Bloomberg.
Speculation about the Swiss National Bank intervening to draw down the value of the franc was also minimized as a result of the franc recovering some of its losses. The Federal Customs Office indicated exports from Switzerland gained 6.1 percent in December from November. But from October to November, exports dropped 4.8 percent.
"Over the next few months, the strong Swiss franc will continue to weigh on export growth. As for demand from abroad, it will depend on what happens in the euro zone," economist Maxime Botteron with Credit Suisse told Reuters.
During the past six months, the value of the Swiss franc has slipped 14 percent when compared with nine rival currencies.
Though the franc has been subject to upheaval and economic challenges, Reuters reports the monetary unit presently is about 30 percent stronger than it was before the financial crisis began in 2008.
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