http___www.tportal.hr_biznis_gospodarstvo_182490_svicarci-ce-i-dalje-braniti-franak.html_1.xml
1.1 2.1 2.2 2.3 2.4 2.5 3.1 4.1 5.1 5.2 5.3 6.1 7.1 8.1 8.2 9.1 10.1 11.1 12.1 13.1 13.2 13.3 14.1 14.2 15.1 15.2 16.1 16.2 17.1 17.2 18.1 19.1 19.2 20.1 21.1 22.1 23.1 23.2 24.1 25.1 25.2 26.1 27.1 28.1 29.1 30.1 31.1 32.1 33.1 34.1 34.2 35.1 36.1 37.1 37.2 37.3 38.1 38.2 38.3 39.1 39.2 39.3 39.4 39.5 40.1 41.1 42.1 43.1 44.1 45.1 46.1 47.1 48.1 49.1
Intervention: Way to Weaker Franc or Bluff of SNB? The Swiss franc is considered one of the most attractive currencies (if not the most attractive) nowadays as the strength of the franc makes it preferable as a safe haven. With all the financial turmoil in Europe and America the safety of the currency is in high demand among investors. But the Swiss National Bank announced last week that it’s going to take measures for taming the excessive appreciation of the Swiss currency. How this step will affect the franc? Let’s look at the history of the bank’s decisions to see how interventions usually affect the currency. On March 12, 2009 the SNB decided to lower its main Libor rate, putting it the range 0 – 0.75%, while targeting the lower end of the range at about 0.25%. The Swiss National Bank (SNB) is making another interest rate cut and acting to prevent any further appreciation of the Swiss franc against the euro. The franc reacted immediately, falling against the US dollar and the euro. USD/CHF jumped, but on the very next days it started to decline and on the fourth day after the intervention posted a sharp drop, that was stronger than rally after the intervention. EUR/CHF reacted more favorably to the monetary decision, showing stronger advance compared the dollar’s rally and keeping gains for almost the whole year. As of June 18, 2009: The Swiss National Bank (SNB) is continuing the policy introduced in March whereby it implemented a firm relaxation of monetary conditions. That decision hasn’t had any noticeable impact on the currency. The franc actually slumped on June 24, but the monetary decision apparently wasn’t responsible for that drop. The Swiss National Bank is maintaining the expansionary monetary policy which it initiated last March. Anyway, the bank’s policy decision hadn’t any impact on markets whatsoever. The global economic recovery was underway as of December 10, 2009, but the SNB was still concerned about the impact of the strong franc on Switzerland’s economy and announced: The Swiss National Bank is maintaining its expansionary monetary policy. USD/CHF hasn’t felt the decision of Switzerland’s central bank as the dollar was already rallying against the franc. The strength of the franc against the euro was the main reason for concerns of the SNB, though, and EUR/CHF indeed changed its trend, but only several days after the decision and in the opposite direction to the central bank’s plans. The euro started its freefall against the franc at December 16 that continued till these days. The story remained the same by March 11, 2010. The SNB announced: The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Consequently, it is leaving the target range for the three-monthLibor unchanged at 0.00–0.75% and intending to keep the Libor within the lower part of the target range at around 0.25%. It will act decisively to prevent an excessive appreciation of the Swiss franc against the euro. The dollar again hasn’t felt the decision. The euro again dropped several days after the move. The euro, together with the dollar, was falling against the franc as of June 17, 2010 and the Bank decided: The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Consequently, it is leaving the target range for the three-monthLibor unchanged at 0.00–0.75% and intends to hold the Libor in the lower part of the target range, at around 0.25%. The currencies haven’t paid heed to the bank’s attempts to rein the franc’s appreciation. The course of the SNB remained the same as of September 16, 2010: The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. It is leaving the target range for the three-monthLibor unchanged at 0.00–0.75%, and intends to keep the Libor within the lower part of the target range at around 0.25%. USD/CHF jumped after this announcement, but resumed its decline on the next day. EUR/CHF reacted more positively and was rallying till the end of October. Switzerland’s central bank repeated its statement on December 16, 2010: The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. Unfortunately for the bank, the dollar and the euro were too busy sliding versus the franc and haven’t heard the statement. The SNB repeated the same statement yet again on March 17, 2011 and said that: It is leaving the target range for the three-monthLibor rate unchanged at 0.0–0.75%, and intends to keep the Libor within the lower part of the target range at around 0.25%. This announcement had a The SNB reiterated its statement on June 16, 2011: The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. The target range for the three-monthLibor remains at 0.0–0.75%, and the SNB intends to keep the Libor within the lower part of the target range at around 0.25%. Again, the announcement remained without a noticeable effect. The history lesson is finished. It’s time to asses the present behavior of the franc. The central bank announced on August 3, 2011: The Swiss National Bank (SNB) considers the Swiss franc to be massively overvalued at present. This current strength of the Swiss franc is threatening the development of the economy and increasing the downside risks to price stability in Switzerland. The SNB will not tolerate a continual tightening of monetary conditions and is therefore taking measures against the strong Swiss franc. The SNB narrowed the range for the Libor rate to 0 – 0.25% and boosted liquidity for the Swiss franc. What impact of this move on the Swiss currency can be expected? But a better question is: should any effect be expected at all? How often a statement had any influence on the currency’s performance? Recalling all the previous expamles, one can say: not often and what impact it made was Since the SNB’s last quarterly monetary policy assessment, the global economic outlook has worsened. That’s the sad truth: the global economy in turmoil, the US and European economies stand on the brink of a If you have any questions, comments or opinions regarding the Swiss Franc, feel free to post them using the commentary form below. Categories Earlier News About the Swiss Franc: - Swiss Franc Prevails Despite Intervention (2011-08-04) - Siwss Franc Retreats From Maximums (2011-08-03) - Swiss Franc on Record Against Everything (2011-08-01) - New Record of Franc Against Euro (2011-07-18) - CHF Reaches Record vs. USD, EUR & GBP (2011-07-14)
1.1 2.1 3.1 4.1 5.1 6.1 7.1 7.2 8.1
Švicarska središnja banka nastavit će ograničavati rast tečaja švicarskog franka te održavati njegov minimalni tečaj prema euru od 1,20 franka Švicarska narodna banka (SNB) na svom je današnjem redovitom tromjesečnom zasjedanju zadržala postojeću monetarnu politiku Poručila je i da će održavati ciljani raspon za tromjesečni LIBOR između 0 i 0,25 posto te nastaviti održavati likvidnost na tržištu novca na iznimno visokoj razini. SNB je u rujnu prošle godine fiksirao tečaj švicarskog franka prema euru na 1,20 franaka u nastojanju da obuzda skokovit rast nacionalne valute koji je početo nagrizati izvoz i gospodarski rast Švicarske. 'Čak i po trenutnom tečaju, švicarski franak je još uvijek snažan ', objavio je SNB. Stoga je središnja banka spremna poduzeti daljnje mjere u bilo koje vrijeme ako to gospodarski izgledi i rizik od deflacije budu zahtijevali, priopćeno je danas iz SNB-a. Eurom se jutros trguje po 1,21 franak, što je 0,2 posto manje nego u srijedu.