The Pound has continued to fall from its recent highs vs the Swiss Franc as the UK economic data which came out at the beginning of the week was rather negative.
According to a survey published by Markit which measured manufacturing data for April this showed a fall for the first time in 3 years with the figures coming out at 49.2 from 50.7 the previous month.
Anything below 50 represents contraction and with the EU referendum due in just less than 2 months away the currency pair of GBPCHF is likely to remain uncertain.
Indeed, the Swiss Franc is often used as a safe haven currency and with all the uncertainty surrounding the UK’s political and economic future this is one of the major reasons why the Swiss Franc is remaining so strong vs Sterling.
Later this week on Friday the European Commission will publish growth forecasts and if we see them raised we could see further CHF strength towards the end of the week.
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