Economic data for the UK continues to impress as buying levels for GBP/CHF continue to improve back above 1.30 for a sustained period.
The key data releases in September which have caused these movements have come from economic data company Markit, who have published three recent surveys of business confidence in the manufacturing, construction and service sectors.
GBP/CHF rallied a full cent last Thursday on the news that the manufacturing sector grew in confidence by the largest amount within a single month in over 25 years. Likely the result of a cheaper Pound increasing the competitiveness of the industry both and home and abroad. Firstly since domestic consumers struggle to purchase abroad with a weak Pound, and overseas consumers are seeing UK goods denominated in Sterling as a viable option.
However, it is not all good news for optimistic Brexiteers. Markit have come under pressure for showing exaggerated results in either direction, as last month has shown some of the worst results ever recorded, and this dramatic change in a single month seems hardly reflective of what is happening on the ground.
Furthermore, key data releases to occur next week which have not been looked at since the Referendum – unemployment for one, still have room to alter rates from any shock results produced from the Leave vote. There were numerous news stories about hiring freezes and job cuts in the post-referendum landscape but the notice periods need to be completed for these to show up on current data sets, which should be this month.
I strongly recommend that anyone with a Swiss Franc buying requirement should contact me on 01494 787 478 and ask the reception team for Joshua to discuss a strategy for your transfer in order to maximise your currency return.
I have never had an issue beating the rates of exchange offered elsewhere, and these currency buying levels can be fixed in place for anyone planning a foreign currency purchase. [email protected]