The Swiss franc fell against the euro on Tuesday as growth data showed the Swiss economy had fallen into recession. The franc was trading 0.3 percent lower against the euro compared to the New York close at 1.4837 per euro. Real Swiss gross domestic product fell by 0.3 percent in the fourth quarter compared to the third as export demand dwindled and companies invested less.
"Switzerland is lagging other countries by a couple of months, which does not bode well for the first quarter. We have to expect that we will see a decline similar to what we saw in Germany in the fourth quarter," said ZKB analyst David Marmet.
Against the dollar, the franc was up 0.3 percent versus the dollar at 1.1719 per dollar. "The dollar does not seem to be benefiting from weak equities markets as it did at the end of 2008, with US equities markets down sharply yesterday and the dollar is losing ground today," said Credit Suisse forex strategist Marcus Hettinger.