As a safe-haven currency, the market's risk outlook is the primary driver of CHF.
Swiss economic data rarely proves market moving; and although SNB intervention can have a substantial impact on CHF, it's impact tends to be relatively short-lived. Additionally, the SNB are unlikely to adjust policy in the near future, given their overall neutral tone and a lack of meaningful developments regarding economic data.
The market's overall risk tone is improving with coronavirus vaccines being rolled out. Of course, risks still remains and many countries are now battling third waves of the virus - most notably many countries in Europe. As such, there is still a high degree of uncertainty and notable risks to the overall risk outlook; although, as a whole, it is improving.
Swiss economic data rarely proves market moving; and although SNB intervention can have a substantial impact on CHF, it's impact tends to be relatively short-lived. Additionally, the SNB are unlikely to adjust policy in the near future, given their overall neutral tone and a lack of meaningful developments regarding economic data.
The market's overall risk tone is improving with coronavirus vaccines being rolled out. Of course, risks still remains and many countries are now battling third waves of the virus - most notably many countries in Europe. As such, there is still a high degree of uncertainty and notable risks to the overall risk outlook; although, as a whole, it is improving.