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Sterling hits highest buying level against Swiss Franc since August

Sterling hits highest buying level against Swiss Franc since August

The Pound has made good gains against the Swiss Franc over the course of November so far, hitting the highest level we have seen since August and smashing through the 1.30 level.

Sterling strength: Rumours of Brexit deal agreement lead to Sterling boost

The main reasons behind the rise in value of Sterling is due to positive vibes surrounding Brexit. It appears that a Brexit deal for the UK is edging closer, but anyone looking to buy Swiss Francs with Sterling still need to be absolutely cautious that the rug could still be pulled from underneath their feet and a Brexit deal is still far from nailed on to happen.

Sterling strength is fragile

It would only take a little negative news to come out regarding the latest Brexit negotiations for the current Sterling strength to disappear. We have been close to a Brexit deal on a number of occasions before only to find out that it does not happen, so the current Sterling strength looks fairly attractive.

Of course, should a provisional deal be agreed then we may see further Sterling strength, but do be wary that this deal would then still have to be approved by Parliament and uncertainty would likely kick in again before we know it.

Economic data for the week ahead

In terms of economic data from Switzerland, unemployment figures are due to be released tomorrow at 07:45am and expectations are for unemployment levels in Switzerland to remain at 2.5%. Should the figure come out lower the Swiss Franc should strengthen, a higher figure would likely lead to further Swiss Franc weakness to kick off the trading day.

We have a whole host of UK economic data on Friday morning, with growth figures, manufacturing and industrial production and trade balance figures too. Growth in the UK is expected to have risen from 0.4% to 0.6% for the third quarter of the year. This may lead to some Sterling strength in trading on Friday morning.

If you have the need to carry out an exchange involving the Pound or the Swiss Franc, or indeed any other major currency then you are more than welcome to get in touch with me for a free, no obligation discussion about current rates and potential market movements for or against you.

Feel free to fill in the form below for a free, no obligation discussion.

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Daniel Wright
About Author Dan Wright. Daniel Jack Wright was born in Anchorage, Alaska on May 10, 1986. He moved to Michigan with his family when he was 10 years old. After graduating from Grand Valley State University Dan decided to put off a career in Business to chase his dream in becoming a writer.
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