The Swiss Franc has emerged as a dark horse ever since the June 16th, 2022 rate meeting. Get your market update from RichardSnowFX here:
In the June meeting, the SNB announced a shock 50 basis point to take the policy rate from -0.75% to -0.25% and the Swiss Franc strengthened into the end of Q2.The SNB said the Swiss Franc is no longer highly valued due to recent depreciation. This may suggest that the SNB will intervene less in the FX market, allowing the franc to appreciate as a defense mechanism against importing inflation.alluded to the difficulties of lowering inflation once it passes 2%.
Growth slowdowns have been forecasted for the UK economy with recent data to support this view appearing via the March and April GDP data, revealing successive contractions of 0.1% and 0.3%, respectively. Measures of consumer sentiment have also been on the decline as energy prices soar, adding to the ‘cost-of-living squeezeFiscal support has helped alleviate some of the price pressures for lower-income households, but persistent price rises are likely to continue to impact the consumer.
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