The pound remains very weak against the Swiss Franc on remaining Brexit concerns which is effectively keeping a lid on sterling exchange rates. At the same time the safe haven status of the Swiss Franc remains incredibly appealing amidst all the global and economic political uncertainty.
This is keeping the Swiss Franc very strong with a continued flight to safety to this currency. The same is happening with the US dollar and that is despite the looming US presidential election in November. Swiss unemployment worsened slightly earlier today from 3.3% to 3.4% which in my view is still extremely healthy and the worsening is not having a detrimental impact on the CHF.
The UK has received some welcome news over the last few weeks with particular mention to the Purchasing Managers Index surveys for the manufacturing and services sectors. These releases have become so strong that the pound has rallied nicely against most currencies despite tailing off this week although this is not the case against the Swiss Franc.
Sterling exchange rates remain incredibly weak against this currency and this trend looks set to continue with no immediate UK exit from the EU. This is likely to be a more drawn out affair and until there is that political clarity the Swiss Franc should maintain the higher ground. Clients selling Swiss Francs are in an excellent position but there are some negative spikes in these markets.
If you have an upcoming CHF currency requirement either buying or selling and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on [email protected]