In recent weeks the Swiss Franc has been making up some of the losses witnessed against sterling over the last 12 months. CHFGBP 2 weeks ago was 0.7225 and currently sits at 0.7390. To put this into monetary terms a 200,000 Swiss Franc transfer into sterling generates clients an additional £3,300 and I expect this trend could continue in the weeks to come.
For Swiss Franc sellers, I wouldn’t get to excited as I don’t believe we are experiencing Swiss Franc strength, in fact the improvement in exchange rates comes from the demise of sterling.
Last month UK economic data disappointing which sent shock waves through the UK economy and the Bank of England cut the chances of an interest rate hike in May. Retail sales, inflation and GDP all took a tumble.
Many forecasters are suggesting the bad weather has been a contributing factor, therefore if the weather picks up there is an argument this could be a blip and we have a strong month and the pound start to gain momentum.
However with the Brexit negotiations on going and the all important custom union debate continues to drag on, I expect the pound is going to fall further, which is great news for Swiss franc sellers buying sterling.
The currency company I work for enables me to buy and sell CHF at rates better than other brokerages and high street banks. If you are buying or selling euros this year feel free to send me the currency pair you are trading (CHFUSD, CHFGBP, CHFEUR) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn
** If you are already using a brokerage and would like a comparison this will take you 2 minutes and could save you a considerable amount of money! **