Rushed the Swiss franc higher Wednesday, even against the euro booming, and the double whammy of strong economic data reminded traders of Swiss attractive base currency, as well as appeal in times of distress.
The euro fell 0.5% against the Swiss franc to trade as low as CHF1.2239, while the dollar made a similar shift, after data showed an annual increase of chunky 7.5% in retail sales for the month of April. Promoted a stronger-than-expected report Manufacturing PMI, which gives a snapshot in time of the early activity in this sector, which exceeded expectations to come in 59.2 May, this step.
This was followed by the presentation of figures on Tuesday that the Swiss economy expanded 2,4% in the first quarter, powered by exports, which continue to grow despite the Swiss franc near record highs against the dollar and euro.
However, the Swiss retail sales numbers, known as volatile, and perhaps deviated from April through reading the timing of the Easter holiday.
But there is no doubt the enthusiasm in the market to buy the Swiss currency. It is now believed that the level of CHF1.20 against the euro to be the threshold of the Swiss National Bank to a new pain. I remember when I used to defend CHF1.50?
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