CHF – The Swiss National Bank is no longer standing in the way of the franc’s appreciation, according to data published on Monday, in an eye-catching change in view of the safe-haven currency’s rise to its highest against the euro in more than six years.
The former manager of the SNB’s foreign currency reserves, Thomas Stucki, argues that “if the franc stays at this level of around 1.05, a little bit above, a little bit below, the SNB won’t do a lot… They will prevent the movement below 1.04 to 1.03. Then they will step up interventions.”
GBP – Sterling fell back to an 11-month low on Monday as investors weighed the discovery of the Omicron coronavirus variant on the outlook for the British economy.
Commenting on the latest variant of the virus of the virus, Nomura notes that “In terms of the outlook, for the UK it’s possibly a bigger risk as the market’s long-held assumption that UK is unlikely to witness another lockdown.”
The former manager of the SNB’s foreign currency reserves, Thomas Stucki, argues that “if the franc stays at this level of around 1.05, a little bit above, a little bit below, the SNB won’t do a lot… They will prevent the movement below 1.04 to 1.03. Then they will step up interventions.”
GBP – Sterling fell back to an 11-month low on Monday as investors weighed the discovery of the Omicron coronavirus variant on the outlook for the British economy.
Commenting on the latest variant of the virus of the virus, Nomura notes that “In terms of the outlook, for the UK it’s possibly a bigger risk as the market’s long-held assumption that UK is unlikely to witness another lockdown.”
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