The GBP/CHF currency pair settled below Friday’s high of 1.1073, its strongest level since April 7th, after the latest UK retail sales data and as the Swiss Franc faced some pressure following statements by the Swiss National Bank.
SNB Chairman Martin Schlegel issued a warning about the potential ramifications of the Trump administration’s tariff policies, emphasizing the significant uncertainties these policies pose to the global economic landscape and Switzerland’s own economy.
The unpredictable nature of trade relations was focused on, as was the potential for disruptions to international commerce due to the duties that remain a concern.
The SNB also expressed its readiness to take further action to support the Swiss economy, stating that it remained open to the possibility of cutting interest rates further if such a measure is proven necessary to maintain price stability.
Meanwhile, on the data front, retail sales in the UK rose at a monthly rate of 0.4% in March, confounding forecasts of a 0.4% drop, following a revised down 0.7% surge in February.
In annual terms, retail sales rose 2.6% in March, following a 1.8% increase in February.
The GBP/CHF currency pair settled 0.21% lower at 1.1007 on Friday.
The minor Forex pair gained 1.54% for the week.
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