The Swiss Franc has strengthened against the Pound after the UK currency remains winded following last week’s disappointing retail sales data and as a mortgage report released on Tuesday also came in below investor expectations.
Comments made by Bank of England policymaker Ben Broadbent last night have also weakened Sterling. During his speech Broadbent suggested that the UK’s surprisingly strong return to growth may not last, with further progress occurring more slowly. He commented; ‘Domestic deleveraging pressures may not be enough to keep the economy in permanent stagnation but they nonetheless provide a headwind to growth. While they may have diminished, the underlying imbalances in the Euro area, and the risks they entail, have not gone away.’
Tuesday morning’s mortgage data compiled by the British Bankers Association came in below expectations. It had been expected that the number of loans approved for house purchases increased by 38,950 last month. Instead the number of new loans came in at 38228.
The GBP/CHF pair is trading below the 1.4600 level to trade at the 1.4573 margin.
Against the Euro the Franc softened after data showed that the German ifo business climate index increased to an 18-month high of 107.7 in September. Despite the rise the figure was below economic forecasts for a reading of 108.2. Sentiment on the single currency remained fragile after European Central Bank President Mario Draghi said Monday the bank is ready to inject further liquidity into the region’s banking sector if needed.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8132
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.0987
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6867
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.1700
(Correct as of 12:20 pm GMT)
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