The Swiss franc snapped its decline today as the speculation about potential slowdown of the global economic growth returned attractiveness to safe currencies.
The poor report about business climate in Germany was followed by the data from Eurostat that showed an unexpected decline of industrial new orders in the Eurozone. The decline was 0.7 percent in June, while economists expected an increase by 0.6 percent. Market analysts expect more negative reports this week, including data about German consumer confidence and US GDP. Traders returned to risk aversion just as they began to fell appetite for risk.
USD/CHF fell from 0.7921 to 0.7902 and EUR/CHF dropped from 1.1439 to 1.1404 today as of 12:04 GMT.