Franc is a “safe haven,” but not a perfect one – Commerzbank
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Can the Swiss Franc still be a safe haven when there’s considerable stress in the financial system there? Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank, discusses CHF outlook.
“I argue that the Franc’s safe-haven-property does not depend on the Swiss banking system, but on the SNB’s interest rate policy.”
“SNB’s interest rate policy policy still makes the Franc a safe haven in the FX space. However, this status is reduced by the SNB’s intervention policy.”
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