Swiss Franc drops after Retail Sales announcement
Earlier today, data on Switzerland's Gross Domestic Product reported by the State Secretarial for Economic Affairs was released. Swiss GDP was announced as expected at 0.4% for the second quarter of 2011. The previous quarter of this year held the Swiss Gross Domestic Product at 0.6%.
Year-on-year Gross Domestic Product grew by 2.3%; also roughly matching economists expectations.
SNB (Swiss National Bank) has given out many warning shots that the Swiss currency (CHF) is becoming too strong; and has taken actions to lower the Franc's strength by cutting rates pratically to zero.
Furthurmore, Switrzerland's y/y Retail Sales were released ealier today showing a decline for July. From previous figure of 7.9% growth, Retail Sales declined even more that the forecasted 4.6% to 1.9%.
The Swiss Franc dropped against the Euro by more that 200 pips in today trading session after hitting its 1.1605 session high. CHF is currently trading at 1.1452, near session low of 1.1443.
