GBPCHF rates have been climbing recently as global uncertainty subsides. It was only last week that the GBPCHF rate reached its highest level seen since November. This was as a result of the UK Government suggesting that a no deal Brexit was not an option, giving the pound strength, and China-US trade talks improved resulting less global risk. Generally, the CHF is seen as a safe haven currency resulting in its value climbing in times of global uncertainty and tension and falling in times of calm.
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Domestic news within Switzerland has also been showing signs of improvements recently which is why GBPCHF has fallen this week. Production Price data showed a positive figure this morning along with one of the largest banks based in Switzerland, Credit Suisse, swinging back to profit for the first time since 2014.
Moving forward however, this pairing is very much open to significant movements is China-US trade talks are delayed as recently suggested by President Trump, along with more pressure in Venezuela building.
On Tuesday, trade balance and export and import figures are released. These are expected to show a sharp increase in exports for the festive period of fine chocolates and watches which will likely make the CHF more expensive to buy. Industrial data is released on Wednesday of next week which has also been improving, especially after the recent progress on trade talks between Switzerland and the EU. Saying that however, domestic data within Switzerland is normally easily overshadowed with global events as a safe haven currency, so watch out for updates on the US Government budget deal next week along with Brexit updates over the coming weeks as this are likely to have a large impact on the value of buying CHF with GBP.
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