The CHF/SEK currency pair settled below recent high of 12.0004, its strongest level since August 4th, as concerns over US-China trade relations and signs of rising risk in regional American banks triggered a rush into safe-haven currencies such as the Swiss Franc.
Zions Bancorp reported this week a substantial loss related to alleged fraud after the recent collapse of Tricolor subprime lender and First Brands auto supplier.
On the trade front, US officials criticized China’s expanded rare-earths export controls, considering them a threat to global supply chains. In turn, China accused the US of causing panic over its rare earth controls and rejected calls to reverse export curbs.
The two nations also imposed reciprocal port fees on each other’s ships.
Meanwhile, on the data front, Sweden’s annual consumer inflation has eased to 0.9% in September from 1.1% in August, confirming the preliminary estimate.
Still, the latest reading has remained well below the Riksbank’s 2% target.
And, Sweden’s consumer price index with a fixed interest rate (CPIF), Riksbank’s target variable for inflation, went up 3.1% year-on-year in September, easing from 3.2% YoY in August.
The exotic Forex pair gained 0.10% for the week.
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