SNB on the newswires
- coronavirus has increased the economic risks
- if international environment were to deteriorate, this would have consequences for Switzerland as a small open economy
- direct economic influence also possible via some trading partners such as China
- investors increasingly looking for safe havens such as Swiss franc in times of uncertainty
The SNB warned earlier this week that they would look to intervene in the forex market should the CHF continue to strengthen.
The EURCHF is trading below the 1.06 level at 1.0585 currently. The move today has taken the price to the lowest level since 2015.
The comments seem to suggest that Switzerland is certainly not immune from the coronavirus and should not be considered a safe haven currency.