NEWS

As the coronavirus pandemic is spreading across the world and hitting hard Europe and the US now, the US dollar rallies against all major currencies and emerging markets’ currencies.

Swiss National Bank kept interest rates at minus 0.75%, while also announcing plans to support the economy and make it easier for banks with limiting restrictions put on them in the wake of the coronavirus pandemic.

As Switzerland is taking more harsh measures to fight the spread of coronavirus, cross-border traffic is on the decline and some people get turned away at borders.

Coronavirus outbreak is spreading outside China, as many cases have been reported in Italy, South Korea. Safe haven assets gains, including CHF. Meanwhile it looks the SNB has intervened on currencies market.

Industry and tourism sectors in Switzerland are bracing themselves for a possible economic impact of the coronavirus epidemic spreading from China, which is one of the biggest trading partners for the country. Meanwhile, the euro exchange rate continues to fall and is currently reaching a value of EUR CHF 1,067 which is close to the recently reached 3-year low.