Can the Swiss Franc still be a safe haven when there's considerable stress in the financial system there? Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank, discusses CHF outlook.

SNB intervention policy disrupts Franc's "safe haven" behavior

“I argue that the Franc's safe-haven-property does not depend on the Swiss banking system, but on the SNB's interest rate policy.”

“SNB's interest rate policy policy still makes the Franc a safe haven in the FX space. However, this status is reduced by the SNB's intervention policy.”