The Pound has suffered against the Swiss Franc of late, but Sterling still remains only two cents below the highest levels in 18 months. I think this can be put more down to Sterling weakness than Swiss Franc strength.
Could Bank of England rate hike now be off the cards?
A rate hike from the Bank of England (BoE) in May was largely factored into the exchange. Unfortunately following a host of poor data releases, including the worst GDP figures in five years it seems as the a rate hike could now be off the cards.
Swiss retail figures were released yesterday and showed continuing declines. Manufacturing Purchase Manager Index (PMI) favoured better moving up to 63.6 from 60.3, anything above 50 is considered growth.
Keep an eye on the speech from Swiss National Bank (SNB) Chairman, Thomas Jordan. There has been rumours of change in monetary policy as CHF/EUR approaches 1.20 again which was traditionally where the SNB tried to hold levels, it could mean a cut in asset sales.
If you have a currency requirement I will be happy to assist. It is crucial to be in touch with an experienced broker when the market is currently so hard to predict. If you let me know the details of your trade I will endeavour to produce a free trading strategy to suit your individual needs. Have faith knowing you will be dealing with a brokerage in business for over 16yrs, Foreign Currency Direct Plc. We are a no risk entity as we do not speculate on the market and we are registered with the FCA. If you have a currency provider take a minute to send over the rates they offer and I am confident I can demonstrate a significant saving. I can be contacted at [email protected] . (Daniel Johnson) Thank you for reading.