Swiss Employment Level falls to 2.77 million

Friday, 2 September 2011 11:04

According to the Federal Statistical office, the number of employed people during the previous quarter of 2011 in Switzerland fell heavily from economists' expectations that Employment Level will remain at 4.11 million as the previous release.

Employment Level was shockingly disappointing, as 2.77 million was the figure released; much lower than forecasted.

Euro/Swiss Franc fell greatly, spiraling downwards, surprisingly strengthening the Swiss currency. Half an hour before the time of the news release, EURCHF begun to fall from its trading position of 1.1282.  The pair fell all the through to 1.1117.

The announcement was delayed from its scheduled time by some 20 minutes; after it was eventually released, a recovery path is seen between the pair as it begun rising; gaining strength for the Euro.  EURCHF is currently trading at 1.1194.