Swiss Franc Hits Slump

The Swiss currency reached a two-week slump versus the common EU note and US dollar. This was caused primarily by news that the Swiss National Bank will try to weaken the currency and seeking the exchange rate of 1.05 up to 1.10 francs for the euro.

The central bank did not make any comments.

According to data, SNB deposits increased during the week of January 30 which highlighted numerous bank transactions.

The euro stepped up 1.9 percent against the franc (1.05800 francs) while the dollar was similarly higher at 0.9345 francs.

FOREX strategists say that the central bank is moderating instability and currency movements.

Meanwhile, the single currency traded at $1.13155 and was 0.35 percent higher. The Survey on PMI indicated growth of the manufacturing sector in Spain, Ireland and the Netherlands.

Nevertheless, gains will probably be restricted due to concerns that Greece is having issues with the Union about another debt accord.

The US dollar got back from a low of two weeks against the Japanese yen (116.64) and traded 0.2 percent higher.

Japanese importers bought dollars but market analysts said the currency is still in a weak position after data revealed the economy was slow during the last quarter of 2014.

Stock market investors will surely focus on US data because of feeble GDP growth.