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GBP/CHF: Summer Solstice

GBP, CHF, Swiss Franc, Summer Solstice, Fundamnetal Analysis, fx trader, forex

The Swiss Franc has always been a source of safety for investors around the world and much to the pride of Switzerland and to the annoyance of the Swiss National Bank. Switzerland’s economy is dependent on exports and a strong Franc negatively impacts its economy. Further, many of Switzerland’s famous discretionary accessory exports, watches for instance, have been affected by the slowdown in the Asia-Pacific economic region1. “...The Swiss watch sector's exports in March alone fell nearly 17 percent in real terms, when adjusted for working days, to 1.5 billion Swiss francs, data showed on Thursday, the lowest level for that month in five years. It was the fourth consecutive quarterly fall and the biggest since the global financial crisis...”

However, the Swiss export market goes well beyond high-end accessories. Recent data indicated a decline in Switzerland’s trade surplus. The trade dynamic of having a too strong currency usually results in an increase in imports and a decline in exports and this is precisely the situation here2. Still, it’s a bit unclear for the stronger Swiss economic sectors, for instance, pharmaceuticals. 

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