Swiss unemployment drops
Exchange rates for the Swiss franc are lower against the pound and euro this morning, despite the news that the Swiss unemployment rate fell from 3.96 to 3.95 million in the last quarter. The UBS consumption indicator has also come in lower than expected at 0.77, following a previous reading of 0.95 leading to neutral trading for the Swiss currency.
This is at odds with today's eurozone economic data, which confirms that German GDP grew a seasonally adjusted 0.3% in the second quarter. A breakdown of the figures shows government spending drove a large part of the growth, up by 0.4%, while private consumption rose by 0.7%. German chancellor Angela Merkel has injected around EUR85 billion into the German economy to stave off recession.
Euro exchange rates have continued to rally this morning, trading near its 11-day high against the pound and GBP0.8730 and USD1.4295.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.