Welcome to Pure FX's latest update of the Swiss franc to pound interbank exchange rate.
This tells you when it's an excellent time to exchange Swiss francs to pounds, for your money transfer!
The Swiss franc climbs versus sterling! The franc to pound interbank exchange rate has hit 0.7638 today, very close to its highest in 20 weeks, or since March 5th.
The franc has jumped against the pound, because the Wall Street Journal (WSJ) reported on Sunday that the USA is considering imposing even more trade restrictions on China.
The Swissie has risen, in particular as the WSJ revealed that America is preparing rules that would block Chinese firms from buying US companies involved in "industrially significant technology".
This has lifted the franc, first because the USA's trade restrictions further lift the odds of a trade war with China. These benefits Switzerland, as a "safe haven" currency from global turbulence.
This has also boosted the Swiss franc, because the Wall Street Journal's report follows news that America is preparing to impose an extra $200 billion of tariffs on China, earlier last week.
"Positive developments in trade talks [are] simply not happening" between the USA and China, says Kyosuke Suzuki, at Societe Generale in Tokyo, thus strengthening the Swissie!
Pound Weakens, as May to Attend EU Summit
What's more, the Swiss franc has also risen versus the pound, because UK prime minister Theresa May is set to attend an EU summit this week, in which little Brexit progress may be made.
Sterling has weakened, because Mrs. May will go to Brussels on June 28th/29th to continue Brexit talks with the EU, a full 2 years after the UK's referendum to exit the bloc in 2016.
In particular, it's thought that Brexit talks will drag on this week, because the UK and EU are still to agree how to look after the border at Northern Ireland after Brexit, thus hurting the pound.
What's more, just last week EU Commission president Jean-Claude Juncker said that the EU is making contingency plans for a "No Deal" Brexit with the UK, thereby dragging down sterling too.
"It is a lot of back and forth in UK politics and that complicates negotiations with the EU," according to Georgette Boele at ABN Amro Bank NV, so weighing against the pound also.
As a result, the Swiss franc to pound interbank exchange rate has neared this 20-week high, and could rise further!
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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email [email protected]