Swiss trade surplus to decline this year and net exports to be a small drag on GDP
Sharp CHF appreciation likely resulted in losses for exporting firms that believed the floor would be maintained and thus kept their FX positions un-hedged. On a tradeweighted basis, the CHF has appreciated 10% since the…
Sharp CHF appreciation likely resulted in losses for exporting firms that believed the floor would be maintained and thus kept their FX positions un-hedged.
On a tradeweighted basis, the CHF has appreciated 10% since the EUR-CHF floor was removed.
Standard Chartered notes...
We expect increased imports and lower exports to reduce the trade surplus, and net exports to be a small drag on GDP this year.
Fewer tourist arrivals (with tourists preferring cheaper destinations) will also weigh on the Swiss economy.
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