The Swiss franc showed weakness against other major currencies in North American session on Friday. The franc fell to a 1-week low against the euro and a 2-day low against the U.S. dollar.
Against the U.S. dollar, the Swiss franc fell to a 2-day low of 1.1522 at 10:25 am ET. As of now, the franc is trading at 1.1515 against the greenback, compared to yesterday’s close of 1.1426.
The U.S. Commerce Department released its report on business inventories for April today. It showed that inventories increased slightly less than economists had expected. It also showed a continued increase in business sales.
The report showed that business inventories increased by 0.4 percent in April following an upwardly revised 0.7 percent increase in March. Economists had expected inventories to increase by 0.5 percent.
According to a report released by Reuters and the University of Michigan today, consumer sentiment has seen a notable improvement in the month of June, with the consumer sentiment index rising to its highest level in well over two years.
The report showed that the consumer sentiment index rose to a reading of 75.5 in June from the final reading of 73.6 in May. Economists had expected the index to show a more modest increase to a reading of about 74.5.
The franc drifted lower against the common currency of Europe during North American session on Friday. At 10:20 am ET, the franc fell to a 1-week low of 1.3948 against the euro. The franc, which bought 1.3846 against the euro at yesterday’s close, is now trading at 1.3935.
The German wholesale price index and the French consumer price index-both for the month of May, which were released today likely influenced the euro.
The franc surrendered its recent gains against the pound during Friday’s North American deals. Moving down from a high of 1.6697 hit at 9:05 am ET, the franc fell to1.6796 against the pound at 10:20 am ET. Currently, the franc is trading at 1.6751 against the pound, compared to 1.6811 hit at yesterday’s close.
U.K’s inflation expectations over the coming year surged to 3.3% in May from 2.5% in February, the Bank of England/GfK NOP Inflation Attitudes Survey revealed today. It was the strongest figure since the 4.4% recorded in August 2008.
In a separate report, it was shown that U.K’s manufacturing production dropped 0.4% month-on-month in April, the first fall since January this year, when output declined 1.4%. The data was released by the Office for National Statistics. That was in contrast to a 0.5% rise expected by economists.
The franc-yen pair fell to 79.64 at 10:20 am ET, compared to an early European session’s 1-week high of 80.36. Presently, the pair is worth 79.80 and this level may be compared to yesterday’s closing quote of 79.99.