“If it carries on like this, we’re worried,” Rudolf Minsch, chief economist of business lobby Economiesuisse, said in the article. “The strong franc compared with emerging nation currencies, the yen and the dollar, once more burdens the margins of Swiss companies.”

The Swiss franc has traditionally acted as a safe-haven asset, like the Japanese yen, in times of global volatility. However, the franc has not depreciated against the U.S. dollar this time around. The CurrencyShares Swiss Franc Trust (NYSEArca: FXF), which tracks the franc movements against the USD, is down 2.0% year-to-date.

iShares MSCI Switzerland Capped ETF

For more information on Switzerland, visit our Switzerland category.

Max Chen contributed to this article.

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