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SNB holds rates; still ready to intervene on franc

“The Swiss franc nevertheless remains highly valued, and the situation on the foreign-exchange market is still fragile,” it said” writes Brian Blackstone for marketwatch.com. ZURICH–Switzerland’s central bank said Thursday it has seen some reduction in the Swiss franc’s “significant overvaluation” but that conditions remain fragile, suggesting the franc’s recent weakening isn’t enough yet to satisfy Swiss policymakers.”Overall, this development is helping to reduce, to some extent, the significant overvaluation of the currency,” the SNB said.For years, the SNB has repeatedly warned the franc is “significantly overvalued” and in addition to…

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JPY News 

How to trade currencies amid rising North Korea tensions

“The Swiss franc, the U.S. dollar and even the euro might be the best options for investors trading currencies in the face of rising threats from North Korea, analysts told CNBC. “The CHF (Swiss franc) along with the JPY (Japanese Yen) are widely considered the usual safe-haven currencies” writes Silvia Amaro for cnbc.com. However, given geographical proximately I would expect the JPY to be most sensitive to issues regarding North Korea,” Jane Foley, head of forex strategy at Rabobank, told CNBC Wednesday.In fact, the Swiss franc rose 1 percent against…

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Swiss franc on track for biggest drop in six years and the devaluation has further to run, say analysts

“The Swiss franc is closely linked to the euro and depends somewhat on the ECB when assessing its monetary policy” writes Dado Ruvic for cnbc.com. The sudden drop came as a surprise to investors given the Swiss currency’s reputation for relative stability, leading some to question the Swiss central bank’s role in the currency shift.The franc fell sharply against the euro in morning deals, trading at 1.13 Swiss francs, a three percent drop on the week.The Swiss franc was on track for its biggest monthly drop in six years Friday…

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Switzerland’s ultra-loose monetary policy remains ‘absolutely necessary’, says SNB President

“The President of Switzerland’s central bank has said that its ultra-loose monetary policy remains ‘absolutely necessary’ after it announced its commitment to keeping interest rates in negative territory on Thursday” writes Carolin Roth for cnbc.com. The SNB is dependent on ECB’s pace of monetary policy and may look at normalizing its policy once President Mario Draghi decides to start rolling back the bank’s asset purchase program.The SNB’s target range for three-month Swiss franc LIBOR was held at -1.25 percent to -0.25 percent, and its sight deposit rate was held at…

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Swiss National Bank keeps ultra-loose policy in place

“The Swiss National Bank maintained its ultra-loose monetary policy on Thursday despite an easing in political risks across Europe which could reduce upward pressure on the strong Swiss franc” writes Gianluca Colla for cnbc.com. It said it remained committed to negative interest rates and currency market interventions to rein in the Swiss franc, which it said remained “significantly overvalued”. Source: cnbc.com Share This:

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Switzerland is not manipulating its currency: Official

“Switzerland is not manipulating its currency, Jorg Gasser, the country’s state secretary for international financial matters, told CNBC’s “Street Signs” on Tuesday” writes Dado Ruvic for cnbc.com. That followed Switzerland being named last week as one of six countries on the “monitoring list” in the U.S. Treasury’s semi-annual currency report on potential foreign-exchange manipulators. “They have to keep the Swiss franc on a level that is possible for the Swiss economy to work.”. Switzerland is not manipulating its own currency. Source: cnbc.com Share This:

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Three quarters of French ‘against a return to the franc’ in blow to Marine Le Pen but Euroscepticism runs deep

“Almost three quarters of the French are against leaving the euro, in a blow to Front National leader Marine Le Pen, who wants to restore the franc, a poll revealed on Friday” writes Henry Samuel for telegraph.co.uk. Despite their desire to hang on to the single currency, Euroscepticism runs deep in France, the poll also suggested, as a higher number of French feel that the European Union has “more disadvantages than advantages” than the reverse.Some 72 percent of the French polled by the Elabe polling institute in a survey published…

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