Forex Trading News – Swiss KOF Indicator

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Forex News: Swiss Franc makes a new record high against EuroThe KOF Leading Indicator of the central European country fell marginally but in line with the expectations at 2.23, the reading for May was 2.3. The KOF Indicator is a survey combining 12 leading indicators. The KOF survey gives indications of the futures trends that possibly the domestic economy will face. The outcome reveals that the Swiss economy will continue to grow with relatively high rates, though slightly diminishing. Normally a negative value of an important indicator should have negative impact on the domestic currency. However, the USDCHF pair has moved south on the board by some 12 pips at 0.8307, the event proves the broad strength of the Franc and subsequently the strength of the Swiss economy relatively to other developed economies. The USDCHF pair now has rebounded almost fully after the news and it is trading at 0.8316. The EURCHF cross pair has moved according to the news as the Euro gained some 37 pips to touch 1.1986 against the Swiss Franc, currently the cross pair is trading 1.1982, bolstered by positive European data as well, which were released earlier today.