Swiss Franc bounces up from monthly lows as GDP, inflation data beat expectations
The Swiss Franc (CHF) accelerated its recovery against the US Dollar (USD) on Wednesday’s early European session, as Swiss inflation and economic growth data beat expectations.
The Swiss Franc rebounded from monthly lows against the US Dollar on Wednesday, with economic growth and inflation data surpassing forecasts. The USD/CHF pair fell to session lows below 0.8100 from a fresh monthly high of 0.8156. Switzerland's GDP expanded by 1.9% in the second quarter, the strongest performance in five years, exceeding the market's 1.6% expectation.
Yearly GDP growth reached 2.8%, up from 0.5% in the first quarter. Inflation accelerated to 0.4% in August from a 0.1% contraction in July, beating expectations of a flat reading and rising 0.8% year-over-year. Meanwhile, the US ADP Employment Change report fell short, reporting a 38K increase in net private employment in August, below the 44K expected and the weakest reading in seven months.
Despite these mixed signals, the Federal Reserve remains focused on data collection to determine interest rates.
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