Swiss franc news - page 10
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Swiss president says no need for emergency franc measures
Switzerland's government does not currently see the need to introduce emergency measures to help the economy deal with a surge in the Swiss franc's value, the Alpine nation's president said on Monday.
Nine months after the Swiss central bank stunned markets by abandoning its 1.20 franc-per-euro currency cap, Simonetta Sommaruga said that the franc "was not that strong anymore".
"Until now the Federal Council has the opinion that we do not have to take specific measures, emergency measures," Sommaruga said at a conference for foreign correspondents in Geneva. "But as I said, we have to observe that."
The franc is now trading at around 1.09 per euro.
The Swiss central bank's chairman said on Saturday that it sees a low risk of a negative price and wage spiral and is hopeful that a recent "slight" depreciation in the franc will continue.
Switzerland is also among the group of European nations to commit to taking in migrants who are fleeing war-torn countries in the Middle East.
Sommaruga said the government now expects around 30,000 asylum seekers to come to Switzerland this year, up from a previous estimate of 29,000. Neighbouring Germany expects more than one million in 2015
Switzerland CS ZEW expectations survey Oct 18.3 vs 9.7 prev
The latest Credit Suisse ZEW data now out The Zentrum fur Europaische Wirtschaftsforschung (ZEW) Economic Expectations Index rates the relative six-month economic outlook for Switzerland. On the index, a level above zero indicates optimism, below indicates pessimism. It is a leading indicator of economic health.
A big improvement but not really a price changer
USDCHF 0.9567 going nowhere fast still
EURCHF 1.0912 ditto the above
USD/CHF: Dollar Sinks to 6-Wk Bottom on Unclear Hike Future
The greenback experienced a depressing US session on Wednesday, as the release of retail sales in September failed to impress market participants.
In addition, two Federal Reserve (Fed) officials, namely Fed Governors Daniel Tarullo and Lael Brainard spoke in favor of a later rate hike, i.e. postponing monetary tightening to 2016 amid some doubts induced by weaker payrolls in September and distress in China.
''That's two Governors from the FOMC who have come out in favor of holding off on a rate increase until 2016, the key FOMC Board members are still in the camp of a rate increase this year. Yellen's preference for a rate increase is surely crucial here and any change from her might swing the FOMC toward holding off,'' Bank of Tokyo-Mitsubishi UFJ currency analyst Derek Halpenny said.
In the afternoon, the buck lost 0.85% to trade at ₣0.9495 against the Swiss franc, plummeting to the six-week bottom at ₣0.9492, while the US dollar index also suffered, dwelling also at its six-week low at 94.04 points.
USD/CHF: Dollar Slides From Intraday High in Flawed Rebound
The greenback gave up part of its gains later in the afternoon, following an up and down swing induced by the heavy set of macro data unveiled in the US, especially the inflation release.
''This report could go some way in allaying the rising concerns at the Fed about the weakening inflationary backdrop, though we continue to expect the Fed to keep rates unchanged until March next year, when we expect inflation momentum to begin moving higher,'' TD Securities strategist Millan Mulraine mentioned.
Looking at the daily chart, the USD/CHF pair intensified its bearish momentum during this week as the buck fell below the support level at ₣0.9570, following a month long stay in a descending channel. Therefore, the pair reached the six-week bottom at ₣0.9477 earlier today.
On Thursday afternoon, the buck was seen with a gain of 0.21% at ₣0.9510, declining from an intraday high at ₣0.9553.
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SNB's Zurbruegg expects the Swiss Franc to weaken further Swiss National Bank Vice President Fritz Zurbruegg said "At its current level the Swiss franc remains markedly overvalued ... The depreciation has been positive, but we expect further development in this direction" Zurbruegg was speaking in an interview with Zentralschweiz am Sonntag newspaper
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The CHF has appreciated against the plunging EUR in the wake of ECB President Draghi's comments on Thursday. The SNB would like to put a stop to that.
I suspect that comments like this from Zurbruegg are just going to give EUR/CHF sellers a better entry point on Monday.
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Swiss Retail Sales Rise For First Time In 3 Months Switzerland's retail sales grew for the first time in three months during September, figures from the Federal Statistical Office showed Monday.
Total retail sales rose 0.1 percent from August, when they declined 0.2 percent. In July, sales fell 0.1 percent.
Excluding fuel, retail sales grew for a second straight month in September, rising 0.1 percent, same as in the previous month.
Overall retail sales increased 0.2 percent annually following a 0.6 percent decline in the previous month. Excluding fuel, sales grew 1.1 percent from a year ago after a 0.3 percent gain in August.