Swissy seeing some weakness

Author: Gerry Davies | Category: News

The swiss franc is seeing some weakness, the EUR/CHF cross presently up at 1.5140 compared to a North American close Monday around 1.5100.

Improving risk appetite is weighing on swissy, as the currency’s safe haven premium gets slowly eroded.

Elsewhere the Swiss consumer sentiment index fell to -38 in the Q-2 versus -23 in the previous Q-1 survey, much worse than the median forecast of -28.  Very few green shoots being seen in the Swiss economy.

In an interview with the German daily Handelsblatt, SNB Vice-Chairman Hildebrand reiterated that the Swiss central bank is taking deflation risks very seriously and has to use currency interventions to fend off deflation as interest rates are at zero. 

Comments will serve to underpin caution of SNB intervention around the 1.5000 level in EUR/CHF and continue to limit downside.

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