The Swiss franc's slump continued in the fourth week as the euro appreciated amid rising concerns about the economy and after the refusal by the European Central Bank to further ease its monetary policy.
The value of the franc, however, will remain steady against the dollar as there are wide-ranging concerns about the regulatory measures of the Federal Reserve, which many say will boost up its purchases of government bonds and increase its quantitative easing. The decline in the franc value had an inverse impact on the Swiss jobless rate as it dropped to its lowest in more than a year in September.
The losing streak of the franc against the euro continued for anther week as the currency failed to regain its strength since August 2009. The franc dipped 0.2 percent against the euro since Oct. 1 and traded at 1.3453 centimes as of 9:43 a.m. in London. The franc dropped 0.1 percent to dollar and closed at 96.77 centimes with a total appreciation of 0.6 percent against the dollar this week.
Swiss economy has surged during the last few months and this had an impact on the jobless rate, which dropped to its lowest in more than a year with 3.7 percent of Swiss reporting having no job when compared to 3.8 percent in August. This is the first time since May 2009 that the rate has fallen so low.
The aggregate surge in franc's value is 4.7 percent this year when compared to a basket of global currencies.
