Switzerland, the risk of the currency too strong – The Press

Switzerland, the risk of the currency too strong – The Press

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Switzerland, the risk of the currency too strong

The central bank releases the Franco: repercussions on exports and tourism

Day heart-pounding in the financial markets, with the Central Bank of Switzerland protagonist. In a move some surprise, the Central Institute Swiss has deleted the minimum limit for the exchange rate against the euro to 1.20. The so-called “floor” was imposed in autumn 2011 to avoid a too strong franc and protect its exports.

The announcement came late in the morning, accompanied by a further fall in interest rates, still negative at -0.75% (-0.25% from the previous year). For markets it was a real shock.

The relationship between the euro and the Swiss franc, which had virtually stopped just above 1.20 over three years, is literally collapsed. In less than ten minutes the prices have reached parity (-16%), and then further accelerate, leading to new lows in the 0.85 area.

In fact, in the space of less than 20 minutes the relationship between the two currencies had virtually reversed: if you were receiving before a euro 1.20 francs, shortly after 1 franc received almost 1.18 euro, down close to 30%.

From these values ​​started the recovery of the euro, once the operators have realized that the descent had been excessive, in part probably dictated by emotion, partly by speculation (with modern mechanisms of leverage that allow capital to maneuver greatly exceeding those available). And so the euro has halved losses in the next half hour, hanging up and settling equality between 1.02 and 1.04, with a descent to the next day still 15 percentage points.

Scenario similar exchange between the dollar and the Swiss franc, fell from 1.02 to 0.745, and then up to .87 to .88.

In fact, the Swiss Bank with this move he wanted to disengage from any further depreciation of the euro, thus avoiding an excessive depreciation of its currency.

The federal government, however, will now have to cope with the risks of a currency too strong, with possible impact on exports, tourism and, consequently, on the internal labor market.

* Analyst currency markets at ActivTrades London

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REUTERS

 01/15/2015

 

REUTERS

 01/15/2015

 

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 01/15/2015

 

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 01/15/2015

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