The Swiss franc gained against most other major currencies today, with the exception of the US dollar. The risk-negative market sentiment and the optimistic outlook for Switzerland’s economy helped the currency.
Signs that the trade conflict between China and the United States is escalating spooked markets, making traders prefer safer currencies over riskier ones. Meanwhile, the economic forecast by the Federal Government’s Expert Group released by the State Secretariat for Economic Affairs today maintained the projected pace of growth for the Swiss economy in 2018 at 2.4%. The report said:
While the booming global economy and favourable trend in exchange rates are boosting demand for Swiss products, growth is also gaining increasing momentum from the domestic economy.
USD/CHF traded at 0.9964 as of 12:20 GMT today after opening at 0.9951 and falling to the daily low of 0.9918. EUR/CHF dropped from 1.1564 to 1.1497.
If you have any questions, comments or opinions regarding the Swiss Franc,
feel free to post them using the commentary form below.