Forex News – Swiss franc rebounds on improved GDP

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The Swiss franc rose against the dollar after Swiss GDP data shows the economy grew more than expected in the first quarter of 2012. According to the State Secretariat for Economic Affairs,  GDP increased by 0.7 percent from the previous quarter, as opposed to staying at the same level as was forecast.

On a year-over-year basis, GDP grew 2.0 percent when compared to the first quarter of the previous year. Meanwhile, GDP for the fourth quarter of 2011 was revised higher to 0.5 percent growth during the quarter.

The Swiss economy’s growth for Q1 was the strongest since Q3 of 2010. Economic indicators that were released over the past few day point to further growth and economic expansion, though there is risk from the euro zone debt crisis.

The Swiss franc slightly rose against the US dollar following the data. USDCHF is currently trading at 0.9671 two hours after the release of the report, down from an early European session high of 0.9697.