The Swiss franc hovered close to 0.98 per USD, the lowest since July 14th, as the heightened global recession risks exacerbated by the worsening energy crisis in Europe sent investors to the safety of the dollar. Domestically, the Swiss economy expanded 0.3% on quarter in the three months to June of 2022, down from a 0.5% rise in the previous period, and slightly below market forecasts of 0.4%. Meanwhile, the latest CPI figures showed the annual inflation rate unexpectedly rose to 3.5% in August, the highest since August 1993, which was way above the central bank's target of 0-2%. Swiss National Bank President Thomas Jordan recently warned that price pressures have become more broad-based and higher inflation may persist for years to come. The central bank raised interest rates by a half point in June and reports circled that policymakers were considering a 50bps-75bps rate hike at the next meeting later this month.
Historically, the Swiss Franc reached an all time high of 4.32 in January of 1971. Swiss Franc - data, forecasts, historical chart - was last updated on September of 2022.
The Swiss Franc is expected to trade at 0.99 by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.03 in 12 months time.