The GBP/CHF currency pair settled below recent high of 1.1188, its strongest level since April 4th, after the release of the latest GDP growth data out of both the UK and Switzerland.
The UK posted stronger-than-expected economic growth in the first quarter of 2025, 0.7%, compared to analysts’ forecasts of 0.6%. This followed a 0.1% growth in Q4 of 2024.
In annual terms, UK’s GDP grew 1.3% in the first three months of 2025, edging past the 1.2% projection. Yet, it slowed from the 1.5% increase seen in the previous quarter.
In addition, March’s monthly GDP growth was 0.2%, while economists had expected a flat reading.
Still, the global impact of the Trump administration’s trade war and British businesses warning of a hit from a raise in UK employment taxes could hamper the outlook.
At the same time, Switzerland’s economy grew 0.7% quarter-on-quarter in Q1 of 2025, a preliminary estimate showed, following a revised up 0.5% growth in Q4 of 2024.
It has been the strongest rate of economic expansion since the first quarter of 2023, mostly underpinned by robust activity in the services sector.
The GBP/CHF currency pair settled 0.06% lower at 1.1105 on Friday.
The minor Forex pair gained 0.48% for the week.
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