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Swiss Franc at 5 month highs vs the Pound

Swiss Franc at 5 month highs vs the Pound

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Tory leadership debate does little to help the pound

Sterling has remained under a lot of pressure against a number of currencies including vs the Swiss franc.

The Tory leadership race is now down to 5 candidates after former Brexit secretary Dominic Raab only managed to get 30 votes. This was short of the required 33 to progress to the next round.

Last night we had the live television debate involving the last five candidates. It appears as though Boris Johnson is the clear leader with 126 votes in the recent ballot. However, the debate didn’t really provide much positive progress as the potential candidates did little to add to their campaign. Whilst Boris Johnson has suggested that leaving the European Union by 31st October is ’eminently feasible’ both Gove and Hunt have suggested more time may be needed.

There is clearly a divide at the moment between the candidates over Brexit. With just over a month to go before we have a new leader in place we could see further movement for GBP/CHF exchange rates.

Global tensions help to keep the Swiss franc strong

The pound is close to its lowest point against the Swiss franc in months. Sterling does not appear to be able to make a fightback at least in the short term.

Therefore, if you’re planning to buy Swiss francs it may be worth getting this organised in the near future.

The Swiss franc has also seen gains made as global tensions are still heating up. Trade talks between the US and China are still at a stalemate. Chinese President Xi Xingping has said he will meet Trump so watch this space for any developments.

Full story here
Tom Holian
Tom Holian is Dealing Director at Foreign Currency Direct plc. and publishes FX comments on http://www.swissfrancforecast.com/
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