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.
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