Bern: The Swiss franc has appreciated by almost 8% against the euro this year.
That may please Switzerland’s consumers, but it makes life tough for its clockmakers, who sell to customers in the euro area.
Greece’s main hope for short-term export competitiveness is that the euro depreciates. Instead it has appreciated against most major currencies (though not the Swiss franc). The euro has climbed 5% against the dollar this year. Its rise has barely been halted by renewed fears of a Greek default.
China may have allowed the yuan to appreciate in dollar terms, but with the greenback so weak, China’s currency has fallen against the euro too. It is down by just under 4% this year.
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