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During March the Swiss franc strengthened marginally from 1.0645 to 1.0602 against the euro. CHF’s safe-haven strength countered but strength to persist, according to analysts at MUFG Bank. 

Key quotes

“The SNB, through its’ currency swap facility with the Fed, provided a little over USD 7bn of additional liquidity to Swiss market participants.” 

“Fiscal support has been provided with a CHF 20bn emergency lending scheme, an additional bridge finance scheme and for loans larger than CHF 500k, 85% can be guaranteed by the government.” 

“We expect the SNB to continue resisting franc strength but this action will only limit the strength for now and the fallout from this global shock will be with us for some time and hence we see further gradual franc strength ahead.”