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Switzerland retail sales declined less than expected
People enter and exit a Macy's department store in Boston's Downtown Crossing district, Wednesday, July 11, 2007. As merchants reported their June sales results Thursday July 12, 2007, the disappointments cut across many segments of the retail industry including Macy's Inc. Macy's suffered a 2.7 percent drop in same-stores sales, worse than the 0.8 percent decline expected. (AP Photo/Steven Senne)

Switzerland retail sales declined less than expected

SWITZERLAND: The Swiss franc is still trading below 1.10 against the single currency despite short-term bullish pressures on the pair. We believe that there is at the moment two major reasons that are pushing the euro against the Helvetic currency.

The French Presidential election and the start of the “Brexit” negotiations have removed – at least reducing the political and geopolitical uncertainties – so markets are clearly shifting towards risk-on and this is why we see the EURCHF pair moving up. In addition, Mario Draghi’s comments pushed the euro higher by stating the Eurozone recovery is progressing and the ECB monetary policy stance must accompany this recovery. Markets interpreted those declarations from the ECB as hawkish.