Swiss franc is lower today, even though it has been showing some strength recently. Franc is even lower against the euro today, and the euro is struggling in general.
Swiss franc is heading lower as deflationary pressures set in, thanks to the recent move by the Swiss National Bank to unpeg the franc from the performance of the euro. Last month, the SNB got rid of the peg, and it’s been an interesting ride since.
In general, the franc has seen an increase in strength since getting ridding of the peg. However, today the franc is lower as deflationary pressures set in, and as the SNB considers more intervention. In fact, the recent moves by the SNB have shined a light on how possible it is for central banks to intervene in the currency markets.
Right now, the franc is mostly lower against its major counterparts, including the euro. Even though the euro is down against other currencies, it is gaining against the franc.
At 12:24 GMT EUR/CHF is higher, moving up to 1.0477 from the open at 1.0461. This represents a movement off a low of 1.0432 for the session. USD/CHF is up to 0.9262 from the open at 0.9238. GBP/CHF is also higher, moving up to 1.4105 from the open at 1.4058.
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