Unemployment rates for the month of March have been announced in Switzerland. The announcement of a rise in unemployment by 3.3% was as the market expected and slightly lower than the previous 3.4% rate. Following the news announcement at 6:45GMT the USDCHF pair made significant gains as the greenback immediately rose by 10 pips and has gained over 20pip within 20 minutes of the announcement and continues to raise in value.
The Unemployment Rate figures measure the number of unemployed workers over by the total civilian work force. A higher rate indicates inability of expansion in the Swiss job market and a rise leads to weaker economy. A decrease of the figure is considered as hawkish while an increase in the value as bearish. The USDCHF pair is currently traded at 0.9129.