USD / CHF: Franc continues to be in demand
TRADING RECOMMENDATIONS
unpredictability
the outcome of the referendum is pushing many investors to withdraw funds in
safe-haven assets such as the yen, gold and the franc, despite the fact that
franc lost some of its role as a safe-haven.
The main
fundamental driver in the financial market is still referendum.
But,
significant strengthening of the franc can not but worry the leaders of the National Bank
Switzerland, which almost traditionally considered overvalued franc.
With the opening of today's trading day Franc
It continues to be strengthened, including in the pair USD / CHF.
When
the outcome of the referendum in favor of the country's exit from the EU on the financial markets will follow
powerful redistribution of funds, primarily in safe-haven assets,
such as gold, yen, franc.
at
a significant inflow of capital into Switzerland central bank of the country to
to stabilize the franc and keep him from excessive strengthening may
in addition to foreign exchange intervention will have to lower the rate on deposits with current
-0.75% level.
At the
While all the attention of market participants focused on the referendum in
UK emerging macroeconomic indicators for other countries
malozamechennymi remain.
So,
According to the released data earlier in the week, the trade balance in Switzerland in May
It improved significantly, despite the strengthening of the franc.
So,
exports from Switzerland in May amounted to 17.252 billion francs, an increase
+ 1.4% per annum. The positive balance of foreign trade in Switzerland
May 3.786 billion francs (vs. 2.880 billion and 2.508 billion in April).
Index
Economic expectations in Switzerland, the ZEW, according to data presented yesterday at
June increased by 1.9 points to 19.4. At the same time, many economists believe that
Swiss GDP growth over the next three to five years will be no more
1% -1.5%.
Couple
USD / CHF continues to decline, despite the fact that during his
a two-day performance at this week Fed Chairman Janet Yellen actually
It confirmed the policy of raising interest rates in the United States.
how
D.Yellen said, the real inflation in the US is growing, in spite of its expectations
decline, the US economy is in good shape and will continue to grow.
After become
known results of the referendum in the UK, and the financial markets
stabilize, investors' attention will switch to the new opportunity
interest rate rises in the US, as stated recently D.Yellen, and it will strengthen
the dollar on the foreign exchange market.
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