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CHF: Swiss Franc tries to continue its growth

Swiss Franc rate is making new attempts to grow at the Forex currency market at the beginning of the week; however, it is the third consecutive day already when its efforts have not too strenuous.

Forex forecast: MACD indicator is in the positive area for the pair USD/CHF and it goes down, confirming the previous sell signal for the pair. Stochastic Oscillator is giving a similar signal today, being in the neutral zone. 

Forex recommendations: in case of breakdown at the level of 0.9800 the pair will go to 0.9780 and 0.9750.

As it became known on Monday producer prices and import prices in Switzerland declined by 0.2% m/m in November against expected growth by 0.1%

Unemployment rate remained at the level of 3.6% in November which agreed with the forecast. Inflation in Switzerland demonstrates growth (CPI in November: +0.2% m/m, (+0.2% y/y) against the forecast +0.1% m/m, (+0.1% y/y)- it is moderate at the moment however it is a positive factor for the economy which indicates stability. This data will support CHF in short term.

It became known earlier that GDP in Switzerland rose by 0.7% q/q (+3.0% y/y) in QIII against the forecast of +0.5% q/q (+3.1% y/y).  The fact that Swiss economy is growing above expectations has confirmed our theory about stability in the country. It is clear that European problems will have an impact there, as well as they will affect Great Britain for example; however situation in Swiss economy seems steadier.

The next meeting of the National Bank of Switzerland is scheduled for 16 December; the quarterly level of interest rate is now in the range of 0-0.75%. The index was revised in March 2009 last time when it was reduced by 0.25%.

Swiss National Bank announced its inflation forecast earlier. The SNB document states that inflation forecast was reduced to 2013: in 1011 inflation forecast is reduced to 0.3% against 1% earlier; in 1012 inflation is expected to be at the level of 1.2% against 2.2 previously. Thus, inflation level will not reach the upper border of the range at least until QII 2012 and it gives CNB another year to rectify economic situation in the country.  
 

 

 

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