16.12.200814:42:00UTC+00Swiss Franc Advances Versus Majors

The Swiss franc climbed against its major counterparts on Tuesday in New York. Investors shrugged off a report showing Swiss industrial production fell more than expected in the third quarter and weighed the Federal Reserve's decision to cut its target Federal Funds rate to between 0% and 0.25%.

Swiss industrial production decreased 5.2% in the third quarter from the second. The decrease was steeper than a 2.3% fall economists predicted. Meanwhile, the statistical office upwardly revised second quarter growth to 9.3% from 8.9%.

The Swiss franc reached a fresh 2-month high versus the dollar on Tuesday. The franc climbed to 1.1310 just after 2:00 pm ET, up from 1.1584 in the early morning. Traders pondered a report showing U.S. consumer prices dropped more than expected in November.

Against the euro, the franc advanced away from Monday's multi-month low on Tuesday. The franc rallied to 1.5726 by 11:30 am ET, up from 1.5867 around midnight. Investors digested a report showing German manufacturing activity declined more than expected in December.

Versus the pound on Tuesday, the franc hit a multi-year high. The franc rose to 1.7404 by 2:30 pm ET, up from 1.7716 in the mid-morning. Traders assessed a report showing U.K. consumer prices fell less than expected in November.

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