Swiss Franc’s Haven Comeback Seen in Options Market Trading

The Swiss franc hasn’t been playing its traditional haven role of late, even as the war in Iran keeps geopolitics fraught. Options trading suggests the anomaly won’t last.

The currency has been tracking equities: rising alongside stocks on Wednesday and falling with them early Thursday. The franc and the S&P 500 have moved in tandem in seven of the past 12 sessions. At a time when investors might be expected to pile into the safest assets, one-week options show sentiment is the least bullish on the franc versus the euro since August.