BLBG: Swiss Franc to Fall on SNB, Growth Recovery, Deutsche Bank Says
By Gavin Finch
Sept. 21 (Bloomberg) -- The franc will decline against the euro as the Swiss National Bank acts to curb its gains and a recovery in the global economy stokes demand for higher-yielding assets, according to Deutsche Bank AG.
“Our continued bearish outlook for the franc is not based only on the SNB, but also on the continued improvement in global- growth prospects, which should be a poor fit with the counter- cyclical franc,” Henrik Gullberg, a currency strategist in London, wrote in a note to clients today. “We would rather not stand in the way of the SNB.”
The franc will weaken to 1.5650 per euro by year-end, Gullberg said. The Swiss currency was at 1.5177 per euro as of 11:55 a.m. in Zurich.
