The Swiss franc depreciated versus several major trading peers on April 23, as traders taking part in fx risk management responded to news that Switzerland named Thomas Jordan as the Swiss National Bank President.
RTT News reports that Switzerland's currency was trading at 0.9133 against the U.S. dollar. The franc reached 88.92 yen, which was its lowest value in four days. Bloomberg reports that the safe-haven currency was trading down 0.1 percent at 1.2012 per euro at 4:03 p.m. London time.
"Jordan’s ascension is the official removal of any uncertainty regarding policy continuity," Peter Rosenstreich, chief foreign-exchange strategist at Swissquote Bank SA in Geneva, told the news source. "However, it doesn’t eliminate the core issue, which is investors value the perceived safety of the franc over the euro. Demand for the franc should continue to create problems for the SNB."
Corporate risk managers need to monitor changes in safe currencies such as the Swiss franc if they wish to minimize the impact of changing foreign exchange rates on financial performance. Foreign exchange technology can provide the decision makers with the real-time currency data they need.
