UK GDP

During its early European session the Swiss franc reversed its downtrend against most majors as U.K.'s much weaker-than expected GDP prompted traders to seek safe haven assets.

The Swiss franc appreciated by more than 1.5 percent to reach a 15-day high of 1.4957 against the pound around 4:40 am ET from its Asian session's low of 1.5188. On the upside, the Swiss currency may find target around the 1.4750 level. The pair that closed yesterday's deals at 1.5179 is presently trading at 1.4965.

Reports about positive gross domestic product readings and other relatively good readings of the economy condition are just disguising the true state of affairs which is Depression of the US economy, believes Gluskin Sheff economist David Rosenberg said Tuesday.

In his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains. But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.