Posted On: November 01, 2011
Tuesday saw the Swiss franc fall in value to the U.S. dollar for a third consecutive day amid worries that last month's less-than-anticipated manufacturing is yet another sign of trouble ahead for Switzerland, Bloomberg reports
The currency also lost value to the shared currency of the European Union and the Japanese yen as a result of the purchasing manager's index falling short of projected levels for October. Speculation mounted about the nation's economy reducing its pace as investors once flocked to the franc for shelter during the sovereign debt crisis' tear through the euro zone.
"The PMI manufacturing data that came out this morning was much, much lower than forecast," market strategist Elizabeth Gregory with Swissquote Bank told Bloomberg.
During the past 90 days, the value of the Swiss franc has fallen 8.2 percent, which draws down the monetary unit's annual gain thus far to 9.8 percent, according to Bloomberg.
the Swiss National Bank profited 5.8 billion francs during the first three quarters of the year while staving off exchange rate
losses connected to the strong monetary unit.
Category: Industry News
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