The Swiss franc traded higher against its most-traded rivals during Tuesday’s trading ahead of Wednesday’s monetary policy announcement from the Federal Reserve.
The Swiss trade balance logged a surplus of CHF 3.02 billion in August, up from CHF 2.86 billion in July, though it was still smaller than the consensus forecast of CHF 3.27 billion. Meanwhile, the State Secretariat for Economic Affairs updated its forecast of Switzerland’s economic growth in 2016 to 1.5%, up from 1.4% in the previous estimate. It also made an interesting remarks regarding the Brexit, saying:
Although the Brexit referendum did lead to increased international uncertainty, it has not resulted in any major volatility on financial markets to date.
What is more, the SECO added:
As long as this situation continues, there is a good chance that the negative economic effect of a Brexit will remain largely limited to the UK itself and will have only a moderate impact on Continental Europe and other regions around the world. For this reason, the Expert Group expects the expansion of the global economy to continue and begin to sustain itself in the coming year.
USD/CHF went down from the opening of 0.9799 to 0.9786 as of 16:34 GMT today though bounced from the daily low of 0.9761. EUR/CHF dropped from 1.0949 to 1.0928.
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