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Swiss franc highest against Euro since July 2015

Summary:
© Skovalsky | Dreamstime.com On 19 November 2021, the Euro went below 1.05 Swiss francs, the lowest it has been since July 2015. The Swiss franc is viewed as a safe haven currency and tends to rise when markets are bearish. However, this week the shift in exchange rate may have had more to do ...

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Swiss franc highest against Euro since July 2015

© Skovalsky | Dreamstime.com

On 19 November 2021, the Euro went below 1.05 Swiss francs, the lowest it has been since July 2015.

The Swiss franc is viewed as a safe haven currency and tends to rise when markets are bearish. However, this week the shift in exchange rate may have had more to do with the situation in Euro zone than a shift to safety.

The Euro has recently weakened against a number of currencies including the Yen, US dollar and Pound. Currency traders appear to be concerned about the accommodative stance of the European Central Bank (ECB) and the recent rapid rise in cases of Covid-19 across the zone.

One question in the minds of some is whether the Swiss National Bank (SNB) will respond. A rate of 1.05 Swiss francs to the Euro is an unofficial minimum rate that the SNB has been working hard to defend. Over recent years, the SNB has amassed a large balance sheet defending a rising franc and has been labelled as a currency manipulator by the US Treasury.

A strong franc creates a head wind for Swiss exporters. However, it is a boon for importers and cross-border shoppers and borrowers.


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