Sterling’s rally yesterday after a recent string of poor news has evaporated by morning. GBP/CHF rates are now back below 1.45 as Sterling moves back to where the week began.
There is no explicit data released to explain this move. Frankly, the same background forces which are weakening the Pound and therefore making the Swiss Franc more expensive to buy.
Concerns about flooding in the North and West of the country have been compounded by the sudden cold snap which is making relief efforts slower and causing the water to drain slower. Further flooding in Cambridgeshire means that we are also not out of the woods yet.
This issue is all the more salient due to high public and private sector debt in the UK which has been seen in the news since mid-December, pressing the panic buttons for markets who still have the financial crisis in the back of their minds.
Furthermore, overnight retail sales figures for the British economy came out much worse that expected. These were readings for the month of December where normally the readings show a sharp increase, instead sales were largely flat.
Sterling seems set to continue its recent poor run, So those looking to purchase CHF in the short term should be looking to move sooner rather than later in the current climate to avoid further disappointment.
Feel free to contact me on 01494 787 478 for a free quote on your transfer, I have never had an issue beating the rates of exchange offered elsewhere. [email protected]