Riding out currency swings is part and parcel of international business — but even for the more battle-hardened members of Switzerland’s watch industry, the wild gyrations that 2015 brought have been a challenge.
The most dramatic was the appreciation of the Swiss franc, which briefly surged 39 per cent against the euro in January after the Swiss National Bank ended its longstanding SFr1.20 cap against the single currency.
The Swiss franc is currently around 10 per cent stronger. However, the decline of the euro, rouble, yen and renminbi and the rise of the dollar have also contributed to watchmakers’ headaches.
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