Swiss Franc Exchange Rate Today - CHF Trades Higher vs Pound Sterling (GBP), EUR, USD and AUD

September 9, 2014 - Written by Toni Johnson

STORY LINK Swiss Franc Exchange Rate Today - CHF Trades Higher vs Pound Sterling (GBP), EUR, USD and AUD

Earlier in the week the Pound exchange rate managed to shrug off Monday’s sharp declines against the Swiss Franc and other major peers on Tuesday after Bank of England Governor Mark Carney signalled that interest rates will probably be increased next Spring.

The Bank of England governor told an audience at the Trade Union Congress that they should be prepared for a rise in borrowing costs from 0.5% as the Central Bank struggles to keep its inflation target of 2% in sight.

A quick look at the latest CHF conversion rates today:

The Swiss Franc to Australian Dollar exchange rate is trading up +1.14% at 1.16457 CHF/AUD.
The Swiss Franc to Canadian Dollar exchange rate is trading up +0.33% at 1.17702 CHF/CAD.
The Swiss Franc to Euro exchange rate is trading down -0.02% at 0.82845 CHF/EUR.
The Swiss Franc to Pound Sterling exchange rate is trading up +0.27% at 0.66559 CHF/GBP.
The Swiss Franc to Norwegian Krone exchange rate is trading up +0.53% at 6.80086 CHF/NOK.
The Swiss Franc to New Zealand Dollar conversion rate is trading up +0.62% at 1.29971 CHF/NZD.
The Swiss Franc to US Dollar conversion rate is trading up +0.34% at 1.07179 CHF/USD.

Mr Carney also told the nation’s trade unions that wages should begin to rise in real terms by the middle of 2015 and continuing to accelerate after that. The news is welcome for workers struggling on low pay and suffering from increasing prices.

‘Specifically, the Bank's latest forecast expects real wage growth to resume around the middle of next year and then to accelerate as the unemployment rate continues to fall to around 5.5% over the next three years. The recovery has exceeded all expectations, it has momentum,’ said Carney.

Following his speech the Pound managed to regain some of the territory lost on Monday. Concerns over the Scottish Referendum vote on September 18 weighed heavily on the UK currency. A report, which showed that the pro independence campaign took the lead in the polls sparked panic in the markets.

Sterling also found support from the release of better than forecast economic data. A report released by the Office for National Statistics (ONS) showed that industrial production in the UK increased by its biggest margin since February.

According to the report industrial production increased by 0.5% on a month on month basis beating economist forecasts for a rise of 0.2%. On a year on year basis production climbed by 1.7%, beating forecasts for a rise of 1.3%.

‘The annual increase in production was driven by rubber, plastic products and other non-metallic mineral products; the manufacture of transport equipment; and the manufacture of basic metals and metal products,’ said the ONS.

With a lack of market moving domestic data due out of Switzerland for the rest of the week, we can expect the Swiss Franc to move because of data releases and events from elsewhere.

The GBP/CHF exchange rate is forecast to remain close to a 3-month low until the Scottish Referendum vote takes place. Sterling is likely to remain under significant pressure until the result of the vote is known.

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