- -11 prev
More from Swiss govt’s SECO (State Secretariat for Economic Affairs):
- decided not to issue update of economic forecasts after end of CHF cap
- aknowledges removal of cap means last forecasts are no longer valid
- persistent higher franc means economic development will be weaker than forecast
- hard to gauge extent of possible slowdown in economic activity due to rise of franc
- still considerable uncertainty as to where exchange rates will settle
- a strong broad rise in CHF against a number of currencies would lead to falling exports, weaker economy and a rise in unemployment
Should we read something into that last line re a new SNB CHF basket perhaps as has been recently mooted? Or a red herring ?
Time will tell
USDCHF 0.9241 EURCHF 1.0480
