The Euro to Swiss Franc (EUR/CHF) exchange rate is currently holding steady on Friday morning.
After German Retail Sales failed to meet with the forecast figure, the shared currency slumped versus many of its major peers. The Swiss Franc, meanwhile, is generally trending lower against its most traded currency rivals as a result of the Swiss National Bank’s intervention to soften the currency. Although Swiss data produced mixed results on Friday, a declination in the consumer price index compounded losses.
The Euro to Swiss Franc (EUR/CHF) exchange rate is currently trending in the region of 1.2010.
The Euro to Swiss Franc (EUR/CHF) exchange rate continued to be range bound as Thursday’s session progressed.
The Euro to Swiss Franc (EUR/CHF) exchange rate is trending within a tight range on Thursday morning.
This is as a result of the Swiss National Bank purchasing massive amounts of its own currency in order to soften the exchange rate. The Euro, meanwhile, is trending lower against most of its major peers as a result of traders speculating that the European Central Bank will soon participate in an aggressive bond-buying scheme.
The Euro to Swiss Franc (EUR/CHF) exchange rate is currently trending in the region of 1.2009.
Yesterday…
The Euro to Swiss Franc (EUR/CHF) exchange rate is trending within a tight range on Wednesday afternoon.
After European data produced mixed results, erring towards the negative, the shared currency softened versus the majority of its most traded currency rivals. The Swiss Franc, meanwhile, is also trending lower against most of its major peers after Swiss National Bank (SNB) interventions bolstered currency reserves.
The Euro to Swiss Franc (EUR/CHF) exchange rate is currently trending in the region of 1.2009.
Euro (EUR) Exchange Rate Softens on Ecostats
European data produced a mixed-bag of results on Wednesday, causing the common currency to soften versus most of its major peers. Although German unemployment showed positive declination; German Retail Sales, German Construction, Italian Unemployment, Eurozone Retail PMI, German Retail PMI and Eurozone Consumer Price Index failed to improve upon previous figures.
Kerry Craig, global market strategist at J.P. Morgan Asset Management, stated; ‘The Eurozone’s move into deflation territory today was widely expected and reinforced expectations the ECB will announce sovereign bond buying on 22 January. However, whether this kind of US-style ‘quantitative easing’ can have a major effect on the flow of credit in the Eurozone remains open to debate. Nevertheless, talk of QE has certainly had a major effect on the exchange rate, with the Euro hitting a nine year low.’
The Euro to Swiss Franc (EUR/CHF) exchange rate has fallen to a low today of 1.2000.
Swiss Franc (CHF) Exchange Rate Declines on SNB Intervention
After the SNB purchased large amounts of its currency in order to lower the exchange rate and protect the Euro/Franc currency cap of 1.20, the Franc slumped versus many of its currency competitors. The SNB intervention was an attempt to hold on to the asset’s safe-haven status. ‘Foreign exchange markets are still challenging the floor,’ said Ipek Ozkardeskaya, an analyst at Swissquote.
Swiss National Bank President Thomas Jordan said; ‘We’re not in a real deflation,’ even though ‘risks have increased markedly. An appreciation of the Franc would necessarily lead to more negative inflation or even deflation.’
Euro to Swiss Franc (EUR/CHF) Exchange Rate Forecast to Hold Steady
Given the lack of domestic data to provoke changes, the Euro to Swiss Franc (EUR/CHF) exchange rate is likely to continue trending within a narrow range for the remainder of Wednesday.
The Euro to Swiss Franc (EUR/CHF) exchange rate climbed to a high today of 1.2012.