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Swiss economy will resist to CHF pressure

Noam Stiekema

The strong growth of the CHF against the EUR may have negative impact on Swiss exports over the next two to three years. However, it is expected the economy to resist to the pressure in the period stated in a statement the international rating agency Standard & Poors’s (S&P). Swiss central bank caused chaos in […]

CHF

CHFThe strong growth of the CHF against the EUR may have negative impact on Swiss exports over the next two to three years. However, it is expected the economy to resist to the pressure in the period stated in a statement the international rating agency Standard & Poors’s (S&P). Swiss central bank caused chaos in the financial markets on Thursday after removed the 3-year ceiling of the CHF to the USD. The market reaction was instant and currency rose sharply against the EUR and the USD, which in turn put pressure on the demand for local shares.

According to economists, however, the main problem is the future of the local economy. Over 70% of the country’s exports are directed to the European Union and any abrupt changes in foreign exchange markets has the potential to affect the export-dependent Swiss economy.

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