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The Swiss National Bank continues to reaffirm its commitment to an ultra-loose monetary policy, which includes negative interest rates and a willingness to intervene in FX markets, in an effort to spark inflation in the economy.
The SNB would have been happy, therefore, with the franc’s April slump. In the first 17 trading days of April (to April-23), the franc gained in only 5 against the euro, putting it on course for its worst monthly performance in 2 years. The franc traded at a 6-month low against the euro (Fr1.147) and at a 2-year low against the dollar (Fr1.023).
The franc’s April slump reflected improved sentiment towards the global economy. As a safe haven, the franc typically gains value during tough times and sinks when investors gain confidence.
Franc weakness should persist, analysts said, though the pace of depreciation should slow. Credit Agricole predicted a 12-month rally in EUR/CHF back to Fr1.2 — the level at which the SNB capped the franc’s value prior to January 2015 (also 2018’s high).
Swiss franc – Historical Rates
|1 Day||-0.59%||1.0092||22 May 2019|
|1 Week||-0.68%||1.0101||16 May 2019|
|1 Month||-1.67%||1.0202||23 Apr 2019|
|6 Months||+0.6%||0.9972||24 Nov 2018|
|1 Year||+0.9%||0.9943||23 May 2018|
|5 Years||+12.01%||0.8956||24 May 2014|
|10 Years||-7.4%||1.0834||25 May 2009|
*For period to 23-May 21UTC when USD/CHF was 1.0032
You can also read our full Foreign Exchange Guide to Switzerland.
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