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The Swiss franc initially fell against the majors after the Swiss State Secretariat for Economic Affairs said that the nation’s unemployment rate jumped to a four-year high of 3.8 percent (seasonally adjusted) in June, from 3.5 percent. The data suggests that the recessions plaguing the economies of the Euro-zone, Switzerland’s biggest trade partner, is hurting Swiss businesses, and rising layoffs will ultimately impact domestic demand as well. Meanwhile, the euro was also a laggard for the most part, as the annual rate of Euro-zone GDP growth for Q1 was revised down to record low of -4.9 percent from -4.8 percent as investment fell 4.1 percent and exports plummeted 8.8 percent

The British pound was one of the weakest major currencies, which has been somewhat of a trend over the past few days as speculation about the outcome of Thursday’s Bank of England meeting builds. Today, Lloyds Banking Group’s UK Halifax house price index said that home prices unexpectedly fell by 0.5 percent in June to an average value of 157,713 pounds.