Swiss exports hit high in Oct, franc soars vs dollar
Swiss exports leapt to a new record in October as strong demand from European and emerging markets offset weakness in the United States, sending the Swiss franc to a lifetime high against the dollar.
By Agencies |
ZURICH: Swiss exports leapt to a new record in October as strong demand from European and emerging markets offset weakness in the United States, sending the Swiss franc to a lifetime high against the dollar.
Exports stood at 18.75 billion Swiss francs ($16.77 billion) in nominal terms in October, a year-on-year rise of 5.8 percent when adjusted for working day effects, the Federal Customs Office said on Tuesday.
The nominal trade surplus narrowed slightly to 1.6 billion francs from a revised 1.7 billion francs in September, as imports stood at 17.19 billion francs in October. Economists had expected the trade surplus to narrow to 1.5 billion francs.
By 0815 GMT, the franc was trading 0.4 percent higher versus the dollar at 1.1107 francs after the greenback slipped to a new lifetime low of 1.1096 francs, weighed by speculation on trading floors of an inter-meeting U.S. interest rate cut, perhaps as soon as Friday.
Exports have been the main driver for the booming Swiss economy, but the credit crisis and worries about growth in the United States have stoked fears that Swiss growth could be hit.
Exports stood at 18.75 billion Swiss francs ($16.77 billion) in nominal terms in October, a year-on-year rise of 5.8 percent when adjusted for working day effects, the Federal Customs Office said on Tuesday.
The nominal trade surplus narrowed slightly to 1.6 billion francs from a revised 1.7 billion francs in September, as imports stood at 17.19 billion francs in October. Economists had expected the trade surplus to narrow to 1.5 billion francs.
By 0815 GMT, the franc was trading 0.4 percent higher versus the dollar at 1.1107 francs after the greenback slipped to a new lifetime low of 1.1096 francs, weighed by speculation on trading floors of an inter-meeting U.S. interest rate cut, perhaps as soon as Friday.
Exports have been the main driver for the booming Swiss economy, but the credit crisis and worries about growth in the United States have stoked fears that Swiss growth could be hit.
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