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GBP Touches 8-Week High Versus CHF, as UK Set for "Soft" Brexit

Market CommentaryGBP Touches 8-Week High Versus CHF, as UK Set for "Soft" Brexit
GBP Touches 8-Week High Versus CHF, as UK Set for "Soft" Brexit
Image credit: Carls9893.

Welcome to Pure FX's latest update of the pound to Swiss franc interbank exchange rate.

This tells you when it's a fantastic time to exchange pounds to Swiss franc, for your money transfer!

Sterling jumps versus the Swissie!

The pound to Swiss franc interbank exchange rate has hit 1.3264 today, its highest in 8 weeks, or since May 23rd.

What's more, looking forward, the pound could continue to climb against the franc. Here are 5 reasons why:

1. The UK government revealed its Brexit policy "white paper" last week, in which it advocates a "soft" Brexit, where the UK remains closely tied to the EU.

This may lift the pound, because the EU is the UK's biggest trade partner. Hence, when the UK remains closely tied to the EU after Brexit, this may boost UK exports.

2. The UK economy expanded by a solid +0.3% in May, said the Office for National Statistics last week.

This could boost sterling, because this tells us that the UK has bounced back from the "Beast from The East" cold front in early 2018.

3. Financial markets forecast that the Bank of England will hike UK interest rates by +0.25%, up to 0.75%, as soon as in August.

This may strengthen the pound, because when the Bank of England lifts interest rates, this signals that the UK economy can flourish with higher borrowing costs.

4. Swiss unemployment fell by just -0.1% in June, to 2.6%, above financial market predictions for 2.5%.

This may weaken the Swiss franc, because this tells us that Swiss joblessness declined by less than hoped for last month.

5. International money managers are selling "safe haven" currencies like the Swiss franc to invest in US stocks, for higher returns.

This could drag down the franc, because when investors sell the franc, there's less demand for the franc, thus cutting its value.

Given all this, the pound to Swiss franc interbank exchange rate has hit this 8-week high, and could continue to climb!

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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]

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