The CHF has struggled to make much of an impact against Sterling this week, with a strong run of economic data helping to support Sterling’s value.
The Pound received support earlier this week, following reports that a deal has been agreed between UK & EU to facilitate a transitional period following the Brexit deadline next year. This will help in theory, to ensure a smooth transition for the UK as we separate ourselves from our European neighbours.
GBP/CHF rates hit a high of 1.3462 before retracting slightly by the close of European trading.
Sterling’s positive start to the week was cemented following strong UK employment data on Wednesday, followed by impressive Retail Sales figures this morning. Both came out above the markets predicted result and the Pound gained support as a result.
Whilst Sterling certainly found support following this strong rung of UK data, the CHF may also have suffered due to comments made by the Swiss government earlier this week. They warned that the US protectionism, in the form of high import tariffs could have a detrimental effect on the global economy.
Recent growth forecasts for the Swiss economy were raised due to an apparent global economic upturn, which would help drive the export-led Swiss economy. They also backed up the Swiss National Bank’s (SNB) theory that the CHF’s recent downturn against the EUR, which was welcomed by the Swiss central bank, could be revered should tensions around the financial markets intensify once again.
In summary, the current levels look relatively attractive, when you consider the recent history on the pair and with so much uncertainty continuing to cloud investors judgement, it may be prudent to protect any GBP/CHF positions around the current levels.
If you have an upcoming CHF currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award winning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.