Sterling is up against most majors – Breaks 1.30 against the Swiss Franc

Sterling breaks 1.30 against the Swiss Franc

Sterling has risen back above the 1.30 mark against the Swiss franc during trading this week, as uncertainty over a no deal Brexit appears to be lifting, with there now being a chance of a deal being announced as soon as next week.

Sterling has risen against a number of major currencies and has broken back above the 1.30 level against the Swiss franc for the first time since July.

Next Thursday and Friday we have the next EU summit regarding Brexit which had originally been pencilled in many months ago as the date we could expect a Brexit deal to be done. For the past few months the barometer has swung from deal to no deal on numerous occasions and Sterling exchange rates have moved accordingly. Speculation of a deal tends to strengthen the Pound and no deal tends to weaken it.

Analysts currently expect the trend to continue upwards and for Sterling to continue to gain in the short term, but you should always approach this current market with a great deal of caution, with politics being the main factor leading to market movements anything could happen at any time. Should the chances of a deal start to be questioned again or members of the Conservative Party start to make life difficult for Prime Minister Theresa May then Sterling could decline in value quite quickly.

Next week data from Switzerland includes Producer Price Index data early on Monday morning and Import and Export data out early on Thursday morning.

Personally I feel the main driver for this pairing will be Brexit news and with next week being such a key moment in the Brexit calendar I would keep a keen eye on the market should I have any exchange to make involving Sterling and the Swiss Franc.

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