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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Swiss franc gains amid growth projection increase

Mar 15, 2012 10:42 AM

An increase in economic growth and development projections by the central bank of Switzerland drove up the value of the nation's currency on Thursday against the common currency of the European Union, according to Bloomberg.

The Swiss franc also advanced against the world's reserve currency as a consequence of projections of 1 percent expansion for 2012. That doubles the Swiss National Bank's previous estimate of 0.5 percent, according to Reuters.

"The faster the euro zone economy gets back on its legs, the faster Switzerland will overcome the dent in growth," economist Joerg Zeuner with VP Bank told Reuters. "Exporters still wait in vain for a shift in the currency ceiling. Yet if the deflation pressure does not - as expected - abate over the summer months, the cries for an adjustment to the cap should gain force once again."

Bloomberg reports the value of the Swiss franc has fallen 3.8 percent during the past six months, which places the currency second only to the Japanese yen for worst-performing developed-nation monetary units.

The SNB's 0.5 percent economic growth forecast was issued in December, according to Reuters. The nation's government increased the growth forecasts for this year to 0.8 percent from 0.5 percent.

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