Forex news: the Swiss franc appreciates sharply on weak US economic growth

July 29, 2011 - 10:29am | Markets | News |

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Forex news: the Swiss franc appreciates sharply on weak US economic growth

On Friday the Swiss franc surged against majors as traders sought for safe haven currencies after the weaker than expected US economic growth report.

According to the data by the US Commerce Department the US economy grew at a slower pace than expected in the second quarter of 2011. U.S. gross domestic product grew at a 1.3 percent annual rate for the second quarter of 2011. Most economists had predicted a somewhat more robust, 1.9 percent growth in GDP.

The franc rose to 1.1318 against the euro, 0.7902 against the US dollar and 1.2928 against the pound around 8:45 am ET. On the upside, the alpine unit may cross its psychologically important barriers of 1.13 against the euro, 0.79 versus the greenback and 1.29 against the pound.

Against the yen, the Swiss franc appreciated almost 1 percent to reach a 3-day high of 97.68 around 8:50 am ET from Asian session's 4-day low of 96.72. The franc-yen pair is presently worth 97.58 with 97.80 seen as the next likely resistance level in near-term.

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