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(Bloomberg) Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The Swiss National Bank may say it, and valuation metrics may show it, but traders are unconvinced the franc has gotten too strong. The haven currency’s surge to a nine-month high against the euro has brought its valuation back into focus among investors. Yet the central bank’s own data on real effective exchange rates show that the franc has shed most of its premium seen at the height of the pandemic. Its potential for even more gains remains undiminished as traders say Switzerland’s persistently low inflation makes the franc a reliable store of value. And with the euro area’s monetary policy poised to remain expansionary and likely to weigh on the euro the Swiss currency’s rally is under no immediate threat. “Is it really too strong? It’s an open question,” said Nadia Gharbi, an economist at Banque Pictet & Cie SA. “It’s a means of communications for

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