Forex Trading News – Switzerland ZEW Survey

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Forex News: Swiss Franc makes a new record high against EuroThe survey from the ZEW research center revealed a significant decline in the investors’ confidence. The ZEW indicator has slipped by 12.8 points to a reading of -24.3 compare to -11.5 in May. Similar outcome markets experienced yesterday as the German ZEW indicator declined sharply for the same period. The steep declines are mainly blamed to the debt problems of the Euro zone economies and the slow recovery of the world economy. The negative news for the Swiss economy bolstered the greenback which gained some 22 pips against the Franc to hit a high of 0.8431; the USDCHF pair is currently trading slightly lower at 0.8427. The EURCHF pair initially after the release of the survey gained some 21 pips to touch a peak of 1.2130, before falling to a low of 1.2095. The single currency is now trading versus the Swiss Franc at 1.2100, where the negative data were not enough overcome the debt problems of the Euro zone, proving again the strength and the comparative advantage of the Franc and subsequently the strength of the Swiss economy against its major counterparts.