News Column

Franc Rises Vs Most Majors

June 24, 2014

LONDON (Alliance News) - The Swiss franc strengthened against most major currencies ahead of European session on Wednesday following the release of a report showing an increase of UBS Swiss consumption indicator in May.

A report from UBS showed that Swiss consumption index climbed to 1.77 in May from 1.68 in April. This increase was driven by retail business, though weak new car registrations served as a drag.

The Swiss franc rose to 114.06 against against the yen, 1.5156 against the pound and 0.8931 against the US dollar, from yesterday's closing quotes of 113.90, 1.5171 and 0.8935, respectively.

If the Swiss franc extends its gain, it is likely to find resistance around 115.00 against the yen, 0.88 against the greenback and 1.50 against the pound.

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Source: Alliance News

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