Thursday, 2 Sep 2010

Forex News: CHF Higher on Surprising GDP Figures

The Swiss franc (CHF) received an increase in strength today, as Swiss GDP figures came in better than expected over the last quarter. The USD/CHF erased almost all of its bullish tendencies which it had held in earlier trading, and dropped more than 60 pips following this morning's announcement, reaching a solid support level at 1.0110.

The Japanese yen also edged higher vs. the greenback. On the other side, the Australian dollar led declines, down 0.5% vs. the greenback as confidence about growth prospects was dented by faltering July export numbers.

The USD/JPY dropped as low as 84.08, while the EUR/JPY traded at 107.50-80 for most of the Asian session. Likewise, the EUR/CHF dropped to as low as 1.2955 as the Swiss GDP climbed more than expected in the second quarter.