Monday, 5 September 2011

Franc Jumps as US Payrolls Show Zero Growth

The Swiss franc rose today against the U.S. dollar, extending its rally for a third day, after non-farm payrolls showed that U.S. employers were not adding jobs last month.

U.S. nonfarm employment payroll in August were unchanged, while the unemployment rate remained at 9.1 percent. Analysts predict an increase in payrolls by 74,000. Value in July was revised down from 117,000 to 85,000. It will be interesting to see how the Fed will react to such disastrous economic data and what steps will be taken.

USD/CHF plunged from 037954 to 0.7811 as of 13:45 GMT today. Earlier, the currency pair reached 0.7711, the lowest level since August 12.

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