Swiss Kof Leading Growth Indicator rises to 2.24 in March

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The Swiss Franc made significant gains since yesterday after the Kof Leading growth indicator reported a rise in March to 2.24 from the expected 2.16 but still better than February’s revised 2.19 level. The Swissy strengthened against the greenback despite the US St Louis Fed Chief James Bullard’s comments that the US will be tightening monetary policy. The Swiss National Bank vice-chairman Thomas Jordan showed some concern in the USDCHF pair’s decline and mentioned that this will prevent the Swiss Central Bank from raising interest rates if the trend continues.

USDCHF made a new 2-week high this morning climbing to 0.9247 but lost 45 pips in the day after opening the European session at 0.9221 and touching a day low of 0.9203.