The Swiss franc gained today as economic expectations continued to improve. The currency maintained the rally even as members of the central bank are convinced that the cap on the Swissie should be kept in place.
The ZEW-CS-Indicator of economic expectations for Switzerland rose by 6.7 points to 31.6 in November. Meanwhile, Fritz Zurbruegg, member of the Swiss National Bank Governing Board, complained that the franc remains high and said:
The minimum exchange rate will remain a necessary instrument for the foreseeable future. The monetary policy we have conducted to date will continue to apply without any restrictions.
USD/CHF was down from 0.9127 to 0.9097 and EUR/CHF declined from 1.2305 to 1.2297 as of 13:50 GMT today after rising to 1.2320 earlier.
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