The Swiss franc advance has been a subject of great concern among central bankers in the tiny European nation as exporters are being affected by its high prices, raising speculations that the SNB is selling the currency to prevent its advances.
The Swiss franc posted a sharp and abrupt decline versus most of the 16 main traded currencies this Tuesday, providing support for speculators’ thesis that the Swiss National Bank is selling the currency to influence artificially on the franc’s charts, considered too high and harmful for the Swiss economy, mainly for its exporters, since a higher franc decreases Swiss products’ competitiveness.
EUR/CHF traded at 1.4640 as of 03:00 GMT from a previous intraday rate of 1.4625.
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