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US Employment Improves, Reducing Need for Swissie

July 7, 2011 at 21:33 by Vladimir Vyun

Swiss francThe Swiss franc weakened today as the reports show that the employment in the US improved much more than predicted, reducing demand for the currency as a safe haven.

The US employers added 157,000 jobs in June, on a seasonally adjusted basis. That’s much higher value than the forecast 67,000 and a big improvement from the May change of 36,000. The unemployment claims slipped from 432,000 to 418,000 last week.

Demand for safe currencies also decline as President of the European Central Bank Jean-Claude Trichet signaled that he may raise interest rates again in the future months after he increased the main rate by 25 basis points today. The Stoxx Europe 600 index advanced 0.4 percent.

USD/CHF rose from 0.8392 to 0.8494 and traded at about 0.8446 as of 21:33 GMT today. EUR/CHF climbed from 1.2017 to 1.2129. CHF/JPY fell from 96.37 to 96.16.

If you have any questions, comments, or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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