Aktuelle Frage im Economics Forum:„Wie beurteilen Sie die überraschende Aufhebung des Euro-Mindestkurses durch die Schweizerische Nationalbank und auf welche Implikationen sollten sich Investoren nun besonders genau fokussieren?“
Current Question in the Economics Forum:
“How do you assess the Swiss national bank’s surprising decision to abandon its currency cap with immediate effect and on which implications should investors especially focus going forward?”
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„The Swiss National Bank (SNB) today announced that it will cease to operate its peg to the euro. The SNB first implemented the peg in September 2011 and set a minimum exchange rate of SFr1.20 against the euro. The ending of the peg has seen the Swiss franc strengthen by as much as 27% against the euro and US dollar in trading this morning. In addition to ending the currency peg, the SNB announced that it would cut the interest rate by 0.5% to -0.75%.
The move by the SNB to end the peg could have further ramifications outside currency markets. Firstly, some are speculating that the SNB action suggests that it expects an imminent and significant easing in monetary policy from the ECB which it is unwilling to match. Secondly, if the SNB is no longer maintaining a currency peg to the euro, this action reduces the need to buy European sovereign bonds from the market. Finally, if the large currency appreciation is sustained, Swiss exporters will find it increasingly difficult to compete globally causing a drag on economic growth and further downward pressure on consumer prices.“