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Swiss pivot towards Asia reduces reliance on euro-zone

The Swiss economy will not be immune to weak growth in the euro-zone over the coming years, but rising demand from Asia and the increased importance of sectors that are relatively insensitive to the exchange rate will at least cushion the blow. Nonetheless, if our revised forecast for the franc to continue to appreciate in 2020 proves accurate, the stage will be set for a further relaxation in policy by the SNB.

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