Swiss Franc Falls Against Euro as Swiss Economy Slows

The Swiss franc fell against the euro as its economy slowed down in the first quarter of the year. According to

, the Swiss GDP grew by 0.3% in Q1, down from 0.8% in Q4 last year. Most analysts predicted the Swiss economy to grow by 0.6%. The Swiss franc was further hit by falling consumption, after the

fell to 1.59 in April from 1.69 in March. Around 9 am GMT, the euro stood at 1.2264, or 0.35% above Monday's close. The franc still managed to pull ahead of the U.S. dollar, however, as the dollar fell 0.73% to CHF0.8512. Traders who believe the Swiss economy will continue to loose pace, thus reducing the value of the franc, will be interested in the ETFS Short Swiss Franc Long US Dollar ETC ETF (

). Those traders who believe the uncertainties surrounding the Eurozone periphery and global recovery will continue to push the value of the franc higher will be interested in the CurrencyShares Swiss Franc Trust ETF

.