A comprehensive study on the foreign exchange market Switzerland gives information on how much the Swiss Franc is traded in the foreign exchange market of the country.
According to the foreign exchange market study done in April 2004, the Swiss Franc is the 5th most traded currency in the global foreign exchange market.
The foreign exchange market is the world’s largest financial market and all the central banks, commercial banks and governments are the major participants in this market. Recently the average daily trading in the foreign exchange markets all over the world has reached US$ 2.5 trillion. Being the fifth most traded currency in the world, Swiss Franc contributes 6.1% share of the daily market trading in the forex market.
The UBS AG of Switzerland is the 2nd in the list of top ten currency traders of the forex market according to the May 2006 survey. The percentage of the volume traded in the forex market by UBS AG is 11.86.
The main forex trading centers in Switzerland contribute a substantial share of the total annual revenue of the country. Currency trading in the forex market of Switzerland occurs throughout the day.
The exchange rates of the Swiss Franc depend largely on the traded amount of Swiss Franc in the foreign exchange markets across the world. The more it is in demand and the less it is in supply, the more is the value of Swiss Franc in the forex market. The excellent performance of the foreign exchange market in Switzerland reflects the stable economic scenario of the country.
The present currency exchange rates of Swiss Franc with the major currencies of the world are as follows:
|New Zealand Dollar||1.1555|
|Hong Kong Dollar||6.5836|