The potential for the Israel-Hamas conflict to worsen and poor corporate earnings have sent investors scrambling for safety with few havens left, as high-for...
LONDON/ZURICH - The potential for the Israel-Hamas conflict to worsen and poor corporate earnings have sent investors scrambling for safety with few havens left, as high-for-longer U.S. rate expectations batter government bonds and the yen.
The dollar has weakened around 1% against the franc this week, and is set for its biggest weekly drop since July. "The war in the Middle East clearly has lead to a flight to safety that benefited the Swiss franc," said Karsten Junius, an economist at J.Safra Sarasin in Zurich. The Swiss National Bank declined to comment on Friday about the currency's value or possible interventions.
But Pictet Asset Management chief strategist Luca Paolini, said Switzerland's high-value export industry was competitive enough to withstand currency strength.
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