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Euro Drops as Europe’s Economic Growth Slows

The euro snapped its three-day rally today after the macroeconomic data showed Europe’s economic growth is slowing, intensifying concerns about the impact of the debt crisis on the Eurozone economy.
The German GDP, according to the preliminary report, grew just 0.1 percent in the second quarter of 2011, compared to the 1.3 percent growth in the first quarter of this year. The Eurozone GDP expanded 0.2 percent in Q2 2011, following the increase by 0.8 percent in Q1. The trade balance deficit of the euro area widened to €1.6 billion in June from €0.8 billion in May (seasonally adjusted), while a surplus of €0.3 billion was expected.
EUR/USD dropped from 1.4442 to 1.4365 and EUR/CHF fell from 1.1337 to 1.1218 as of 11:33 GMT today.

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Good Week for Dollar Even After FOMC Statement

 This week wasn’t bad for the US currency even after the statement of the Federal Market Open Committee signaled that the nation’s central bank will debase the dollar for prolonged time.

Franc Plunges Heavily on Prospects of Euro-Peg

The Swiss franc slumped today against all major currencies as Swiss National Bank Vice President Thomas Jordan suggested that a short-term peg of the nation’s currency to the euro could be legal.
The SNB was attempting to weaken the Swiss currency for several years. So far such attempts were futile. There is a difference this time, though, as a peg wouldn’t have just one-time effect as the previous interventions, but would put a continuous pressure on the franc. It looks like Switzerland’s central bank is ready for unconventional measures and such measures can help the bank to achieve its goals for making the franc’s strength less threatening to the country’s economy.