Middle East conflict boosts safe-haven demand, Swiss franc remains near highest level against euro since 2015

Golden Ten Data reported on March 9 that due to the escalating Middle East conflict boosting demand for safe-haven assets, the Swiss franc has remained near its highest level against the euro since 2015. Even after the Swiss National Bank recently warned that it is increasingly prepared to intervene in the currency market, the Swiss franc's rally has continued. Michael Pfister, an analyst at Commerzbank, stated in a report: "There are fundamental reasons to believe that the Swiss franc will strengthen further in the coming years: tense geopolitical situations, low inflation by international standards, and a significantly better fiscal position." He believes that the Swiss National Bank can do little about this.