Switzerland Versus China – Whose Currency Would Come Out On Top?

The answer seemed to be no on the following day as it slipped back to 6.2647.  But just one day later it bounced back up to 6.3519 again.  This was followed by a series of improvements which saw the week end on a healthy 6.3979.  So far for the month of July then it had added on a total of 0.1332 against the Chinese currency.

The next time the markets reconvened the Swiss franc got off to a slower start.  On this occasion it managed to lose some ground against the Chinese yuan, sending it back down to 6.3820 in the process.  But if we were thinking that the yuan was finally getting into the spirit of this head to head affair, we were wrong.  The following day produced a very different result indeed.

In this case the day ending rate was 6.4086 – a big change in the right direction for the Swiss franc.  But this wasn’t even the start of it.  The following day saw an even better result as the currency swung round to claim 6.4795 Chinese yuan.  It even managed to push that figure up further to 6.5033 on the day after that.  Was there going to be an end to this, or would the franc manage to reach even greater heights?

The answer came swiftly the following week and it wasn’t in favor of the Swiss franc.  By the end of the Monday night it had fallen to 6.4386, redressing the balance in a dramatic way.  But there was still some distance to go until the month was over, and despite a smaller loss the next day it bounced back to 6.4627 the day after.

We also saw another improvement to 6.4929 the next day, before a slight slip closed out the week for the Swiss franc on 6.4832.  There were still some dramas to be seen in the next few days though, the first of which was a change to 6.4583 on the 26th.  Was this the start of another prolonged drop?

When the 27th produced a closing figure of 6.4134 for the Swiss franc against the Chinese yuan and the day after dropped to 6.3997, you would have been forgiven for thinking this was going to be disappointing.  But there was still some drama left – as we saw when the 29th produced a closing figure of 6.4829.  And as if that wasn’t enough, the Swiss franc managed to close out the month with a rate of 6.5183 against the Chinese yuan. 

So all in all the Swiss franc had come out on top – but not without some drama on the way.