Manufacturers are shifting a greater share of investments out of Switzerland with the dollar in the doldrums and the euro plunging to record lows against the franc.
Renewed fears that Greece might default on its debts has sparked a fresh wave of euro weakening while the dollar continues to trade way below parity against the franc. A single euro cost just under SFr1.22 on May 27 and the dollar just SFr0.85.
Swiss exporters are used to the safe haven franc gaining in strength in times of global economic uncertainty. But the speed of exchange rate fluctuations this time has hindered their efforts to dampen the effects of Swiss goods becoming more expensive in other countries. read more