The Swiss economy strengthened during the first quarter of 2018, with Gross Domestic Product (GDP) growing by 2.2%.
This is the first time their economic output had surpassed 2% since 2016, with a surge in investment and solid trade relationships helping to propel the Swiss economy forward.
The CHF has styed solid throughout and continues to remain a safe haven for investors, despite the Swiss National bank (SNB) trying to keep the CHF’s value in check.
GBP/CHF rates continue to float above 1.32 level, with the CHF gaining plenty of support over the past month. The pair have fallen by almost 4 cents from the highs of May, with the Pound coming under increasing pressure.
Pressure is continuing to build on UK Prime Minister Theresa May, as she struggles to put together a coherent Brexit strategy. The markets were already sceptical and it seems investors are starting to once again shy away from the Pound.
It seems as though Brexit fears continue to handicap any major advances for the Pound, which is struggling to sustain any improvement it generates.
I have advocated to my clients for many months that any short-term market spikes should be seen as an opportunity. Investor confidence in the Pound is clearly fragile at best and with the UK’s economic standing post Brexit still clouded in uncertainty, we are still far more questions than answers.
Business Confidence figures remain low and whilst a run of improved economic data could help elevate Sterling’s value to a certain degree, I am not anticipating a major spike from 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.