As well as being a game-changer for economic prospects next year, the positive news on the vaccine front has also helped to ease the upward pressure on the Swiss franc against the euro. The franc briefly dropped to its lowest level of 2020 against the single currency at the start of December, and while it has risen a bit over the past week or so, we forecast it to ease lower next year as appetite for risk continues to improve. This in turn should help inflation to edge back into positive territory next year.
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