The dollar is down against the Swiss franc to its lowest since January 2015 – the reasons | 11/06/20



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The dollar continued its recent yield against the euro and the franc on Friday.

The common currency, the euro, cost US $ 1.1877 in the afternoon. In the morning it was still trading at $ 1.18.

Against the Swiss franc, the dollar continues to lose value and is trading at 0.8993 Swiss francs in the afternoon. In the morning the currency pair was still at CHF 0.9035. The greenback has therefore fallen to its lowest level since the SNB abolished the euro’s minimum exchange rate in 2015. The euro hardly moves against the Swiss franc and is trading at 1.0683 versus 1.0679 Swiss francs in the morning.

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In the US presidential election, Joe Biden got very close to the White House. Donald Trump’s Democratic challenger was leading the vote count in four of the five states that were still contested on Friday. However, US President Donald Trump has made it clear that he does not want to accept defeat.

“Under Biden, the US government will be more willing to spend,” Commerzbank analyst You-Na Park-Heger expects. This could lead to higher inflation, which would tend to weigh on the dollar. But it is still unclear whether Biden can also implement his policy, as the majority in the Senate is still unclear.

Production data from German and Spanish industries, meanwhile, indicated a continued recovery. For Germany, banking economists have referred to the industry’s current economic supportive influence, while service providers are suffering heavily from the new Corona restrictions. An October US job market report that was significantly better than expected, however, just supported the dollar.

The European Central Bank (ECB) set the benchmark rate at US $ 1.1870 (Thursday: 1.1855). The dollar costs 0.8425 (0.8435) euros. The euro is trading around two cents more than at the start of the week. For the other major currencies, the ECB set the key rates for one euro at 0.90430 (0.90450) British pounds and 122.66 (122.86) Japanese yen. The troy ounce of gold (31.1 grams) was trading at $ 1947 that afternoon in London. That’s about two dollars less than the day before.

/ jsl / he

FRANKFURT (awp international)

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