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Rising Price of Gold fails to Save Swiss Franc from Falling against Pound Sterling (CHF-GBP) Today
Published: 14 Sep at 11 AM Tags: Pound Sterling, Currency Exchange, Swiss Franc Exchange Rate, UK, Exchange Rates,
‘Swissie’ (CHF) is on the Back Foot against Sterling (GBP) Today as Batch of Swiss Results Proves a Letdown
The Swiss Franc has performed poorly in the CHF-GBP pairing today, trending at 0.6682. Primarily, the slight positive effect of the price of gold rising from below $1105 per 100 ounces to above $1106 today has had little impact on the ‘Swissie’. The main detractor to the Franc’s faring today has been a fundamental lack of support for the Swiss currency from recent economic releases. The Franc is not known for having mass data releases on a weekly basis and last week’s sole release of the Unemployment Rate and its seasonally adjusted variant saw little cause for celebration among speculators for the Franc. Unemployment rose from 3.1% to 3.2% and no decline was seen in the S.A result.
Today, the first of three weekly data releases for Switzerland came out negatively; the monthly and yearly Producer and Import Prices for August printed further into the negative, the two Retail Sales figures did the same and the only positives of the Total and Domestic Sight Deposits up to September 11th were classed as low importance by speculators.
Uncertain Future for CHF-GBP Exchange Rate as Outnumbered Swiss Results have Pessimistic Predictions
The Swiss Franc seems set to remain on a downtrend against the Pound until tomorrow at least, when the UK CPIS for August are released. Forecasts have been pessimistic, which works in the Franc’s favour. A number of other UK results are due out at the same time and on a whole these results support the ‘Swissie’, with most releases having predictions of declines attached to them. The UK Claims, Employment and Earnings data releases on Wednesday morning have a more mixed potential outcome for the Swiss currency, as some fields have marginal gains attached to them while others are expected to decline by slight amounts. Overall, accurate predictions for Wednesday’s UK data may results in little change for Sterling’s faring, therefore the Swiss ZEW Survey for September slightly later on may have a greater impact on the pairing. No forecasts have been made, but the previous month’s result of 5.9% may serve as some indicator for what to expect.
The biggest affecter of the CHF-GBP conversion rate, however, is likely to come on Thursday morning with the Swiss interest rate announcement, along with the Swiss National Bank’s (SNB) Lower and Upper Target Ranges for the coming 3 months. As per usual, any dramatic movements in the price of gold will also affect the Franc considerably, therefore there is plenty of leeway for movement for the rest of the week.
The Swiss Franc has performed poorly in the CHF-GBP pairing today, trending at 0.6682. Primarily, the slight positive effect of the price of gold rising from below $1105 per 100 ounces to above $1106 today has had little impact on the ‘Swissie’. The main detractor to the Franc’s faring today has been a fundamental lack of support for the Swiss currency from recent economic releases. The Franc is not known for having mass data releases on a weekly basis and last week’s sole release of the Unemployment Rate and its seasonally adjusted variant saw little cause for celebration among speculators for the Franc. Unemployment rose from 3.1% to 3.2% and no decline was seen in the S.A result.
Today, the first of three weekly data releases for Switzerland came out negatively; the monthly and yearly Producer and Import Prices for August printed further into the negative, the two Retail Sales figures did the same and the only positives of the Total and Domestic Sight Deposits up to September 11th were classed as low importance by speculators.
Uncertain Future for CHF-GBP Exchange Rate as Outnumbered Swiss Results have Pessimistic Predictions
The Swiss Franc seems set to remain on a downtrend against the Pound until tomorrow at least, when the UK CPIS for August are released. Forecasts have been pessimistic, which works in the Franc’s favour. A number of other UK results are due out at the same time and on a whole these results support the ‘Swissie’, with most releases having predictions of declines attached to them. The UK Claims, Employment and Earnings data releases on Wednesday morning have a more mixed potential outcome for the Swiss currency, as some fields have marginal gains attached to them while others are expected to decline by slight amounts. Overall, accurate predictions for Wednesday’s UK data may results in little change for Sterling’s faring, therefore the Swiss ZEW Survey for September slightly later on may have a greater impact on the pairing. No forecasts have been made, but the previous month’s result of 5.9% may serve as some indicator for what to expect.
The biggest affecter of the CHF-GBP conversion rate, however, is likely to come on Thursday morning with the Swiss interest rate announcement, along with the Swiss National Bank’s (SNB) Lower and Upper Target Ranges for the coming 3 months. As per usual, any dramatic movements in the price of gold will also affect the Franc considerably, therefore there is plenty of leeway for movement for the rest of the week.
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Source: moneytransfer.co.uk