CHF/SGD settles below 129-month high, posts weekly gain

The CHF/SGD currency pair settled below recent high of 1.6431, its strongest level since January 15th 2015, as concerns over US-China trade relations and signs of rising risk in regional American banks triggered a rush into safe-haven currencies such as the Swiss Franc.

Zions Bancorp reported this week a substantial loss related to alleged fraud after the recent collapse of Tricolor subprime lender and First Brands auto supplier.

On the trade front, US officials criticized China’s expanded rare-earths export controls, considering them a threat to global supply chains. In turn, China accused the US of causing panic over its rare earth controls and rejected calls to reverse export curbs.

The two nations also imposed reciprocal port fees on each other’s ships.

Meanwhile, on the data front, Singapore’s non-oil domestic exports went up 6.9% year-on-year in September, data showed, recovering after a revised up 11.5% drop in August – the steepest decline since March 2014.

The exotic Forex pair gained 0.67% for the week.