Concerns over the Chinese economy continue to rise. Data for the first quarter has shown growth falling to1.3% quarter on quarter and annually to just 5.3%. Similarly the HSBC manufacturing Purchasing Managers Indices continues to be in negative territory, not a good sign. The belief though is that this will force the Chinese government to increase their support for the Chinese economy. It what way is not clear but they cannot afford the Chinese growth story to stop any time soon.
The Swiss franc has had a difficult week as the Swiss Central Bank increased the number of institutions who would have to deposit funds with them at negative interest rates. Not good to find out that you have to pay someone to look after you money!
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