The Euro to Swiss Franc (EUR/CHF) exchange rate was experiencing weakness on Tuesday as sentiment towards the single currency as investors remained cautious over negotiations between Greece and its creditors.
The Euro to Swiss Franc (EUR/CHF) exchange rate was trading in the region of 1.0440 – 1.0496
The Swiss Franc advanced against several major peers as bond market volatility and worries over the Greek debt crisis increased demand for safer haven assets. The Swiss Franc also managed to make gains due to the release of domestic data which showed that consumer prices in the Alpine nation fell less-than-forecast in May.
According to the Federal Statistical Office, consumer price inflation declined by 1.2% on an annual basis in May, a faster pace than the 1.1% drop seen in the previous month, but a slower drop than the 1.3% expected by economists.
A separate report also showed that unemployment in Switzerland held steady in May. According to the State Secretariat for Economic Affairs, the nation’s jobless rate came in at a seasonally adjusted 3.3%, the figure was expected by economists.
On an unadjusted basis, the jobless rate fell to 3.2% in May from the 3.3% seen in the preceding month. The number of unemployed fell by 4,782 compared to the prior month to 136,349 in May. It increased by 6,039 or 4.6% from last year.
Against the Pound Sterling (GBP) the Franc advanced to its best level in nearly 5-weeks.
The Euro to Danish Krone (EUR/DKK) exchange rate was trading in the region of 7.4544 – 7.4664
The Euro softened slightly against the Danish Krone as the Scandinavian currency found support from a positive trade surplus report.
According to Statistics Denmark, the nation’s trade surplus increased in April as exports fell at a slower rate than imports. The seasonally adjusted trade surplus, excluding airplanes and ships, increased from March’s DKK 8.9 billion to DKK 9.3 billion. Exports to non-EU nations fell by 12.6% but exports to the Netherlands surged by 48.5% and to Germany by 11.5%.
Further gains were restrained as a separate report showed that Denmark’s seasonally adjusted current account surplus declined to DKK 6.1 billion in April from DKK 13.6 billion in the previous month.
The Euro gave up earlier gains against several peers as news broke that new economic reform measures submitted by Greece do not go far enough for EU officials liking.
