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Market Update: Swiss Franc at Over 3-Month High
The Swiss Franc headed towards 0.89 per USD, the highest level since mid-February after Fed officials repeatedly suggested that inflation would not be persistent which sent the dollar bottoming to 4-month lows while the coronavirus outbreak in Asia continues to support safe-haven assets. Also, recent data showed domestic factory activity rose to an all-time high in April. Switzerlands consumer prices rose for the first time in 15 months in April, in line with forecasts. Meanwhile, further large-scale relaxations on lockdown restrictions are not expected to occur in Switzerland until the end of May. On the monetary policy front, the SNB in March kept its pledge to curb upward pressure on the franc, through direct intervention in the foreign exchange market, while holding its interest rate unchanged in negative territory. Growth projections remain solid for the next two years, while inflation forecasts predict a rebound in consumer prices in the second quarter of 2021. [/s2If]
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