Forex Trading News – Swiss Unemployment Rate for April 2011

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The Unemployment Rate in Switzerland was released earlier today, beating the poll of 3.2%. There was expected an improvement in the labor market of the country due to releases of positive readings lately from different sectors of the domestic economy and the GDP, the rate for March was at 3.3%, while the State Secretariat for Economic Affairs announced a new Unemployment Rate of 3.1% for the previous month. The non-seasonally adjusted rate fell from 3.4% to 3.1%. Despite that the Unemployment Rate gave a positive mark to the Swiss economy, the USDCHF pair appreciated gaining some 15 pips within a few minutes to hit a high of 0.8696. Usually lower than expected readings for the unemployment give boost to the Franc. Currently the US Dollar is trading against the Swiss Franc at 0.8687. The formula for the calculation of the Unemployment Rate is the unemployed workforce divided by the total workforce of the country.