A lot of traffic and relevance to monetary policy events have occurred in the pair EUR / CHF, where there was a movement from 1.38 to 1.33, was followed consolidation. As we discussed yesterday, this movement is particularly important when considering the trade-weighted index of the Swiss franc, where more than half of the decline over the past two months was offset by just one week. Naturally, this causes some concern to the Swiss authorities, who are also faced with disappointing economic data, compared with the expectations that prevailed in the mid-year. Nevertheless, the current global environment, which has put upward pressure on those currencies that are not taken QE or looking for ways to reduce their exchange rates, probably will push investors to the Swiss franc in the context of their diversification strategies, especially in the eurozone sovereign issues (it seems most likely option).
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