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  #201  
Old 03.08.2011, 17:38
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Re: Sterling to CHF Exchange Rate

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SNB intervene again?
Well as one of the Swiss papers wrote today "in this market, anything the SNB does is like putting drops of water on a hot stone"
From the Wall Street Journal:

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The SNB said it will keep a close watch on foreign-exchange market developments, and "will take further measures against the strength of the Swiss franc if necessary."
( source )

The question is how long they are prepared to wait to see the desired effect before their patience runs out and they try again...
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  #202  
Old 03.08.2011, 18:15
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Re: Sterling to CHF Exchange Rate

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From the Wall Street Journal:

( source )

The question is how long they are prepared to wait to see the desired effect before their patience runs out and they try again...
What they say and what realistically they will actually do are not necessarily the same - of course they will say whatever they think will help, but saying things doesn't cost anything whilst doing something will inevitably cost a lot.
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  #203  
Old 03.08.2011, 19:16
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Re: Sterling to CHF Exchange Rate

Well after a brief rally on that news that Euro is back to under 1.10 again. SNB must be pretty annoyed. Not much more left in the armory after going to 0% interest rates.

Also, they need to be very careful of over heating and already hot property market with such low rates. Hopefully financial regulation is better here than in Ireland. 100% (and higher mortgages) became common during the boom the the impact of an entire nation having its wealth tied up in one asset type was catastrophic.

I like to think the Swiss are somewhat more sensible though.
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  #204  
Old 03.08.2011, 19:35
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Re: Sterling to CHF Exchange Rate

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Well after a brief rally on that news that Euro is back to under 1.10 again. SNB must be pretty annoyed. Not much more left in the armory after going to 0% interest rates.
The SNB action was impresively ineffective. Today's press release: http://www.snb.ch/en/mmr/reference/p...0110803.en.pdf

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Effective immediately, the SNB is aiming for a three-month Libor as close to zero as possible, narrowing the target range for the three-month Libor from 0.00–0.75% to 0.00– 0.25%. At the same time, it will very significantly increase the supply of liquidity to the Swiss franc money market over the next few days. It intends to expand banks’ sight deposits at the SNB from currently around CHF 30 billion to CHF 80 billion. Consequently, with immediate effect, the SNB will no longer renew repos and SNB Bills that fall due and will repurchase outstanding SNB Bills, until the desired level of sight deposits has been reached.
Global negative real interest rates. Perhaps the SNB is going to need to start imposing negative nominal interest rates on foreign deposits again.
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  #205  
Old 03.08.2011, 20:52
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Re: Sterling to CHF Exchange Rate

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From the Wall Street Journal:

( source )

The question is how long they are prepared to wait to see the desired effect before their patience runs out and they try again...& fail again ....
Fixed that for you as they say here.....!
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  #206  
Old 03.08.2011, 21:01
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Re: Sterling to CHF Exchange Rate

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there's too little competition and too many duopolies in switzerland. after all, if there is no other british cheese seller, are you going to reduce prices or pocket the extra profit?

similarly, supermarkets are just pocketing the profit right now. in theory, we could all be more wealthy by having these reduced costs passed onto us and us passing some of this also in the form of reduced wages. but in practice, wages don't fall and business keep super-profits.

if the swiss economy were more competitive, we would have more chance of these price cuts being passed onto us.
Not that I need to defend myself, but a bit of both actually. Speaking personally, this is the first time in 3 years that I can actually see a proper margin on my sales. I have though reduced the price of some cheeses and more cheeses I can now offer to trade customers at discounts. If the low pound continues for much longer I will be able to reduce prices across the board.

Of course, the cost of the products at UK £ price is just a small part of the cost of my products. Transport, import costs and all overheads in CH are of course still paid in SFR.
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  #207  
Old 03.08.2011, 21:46
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Re: Sterling to CHF Exchange Rate

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W of course they will say whatever they think will help, but saying things doesn't cost anything whilst doing something will inevitably cost a lot.
Of course if they suceed they will make a profit, it only costs them money if they loose the bet!
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  #208  
Old 03.08.2011, 22:30
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Re: Sterling to CHF Exchange Rate

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Not that I need to defend myself, but a bit of both actually. Speaking personally, this is the first time in 3 years that I can actually see a proper margin on my sales. I have though reduced the price of some cheeses and more cheeses I can now offer to trade customers at discounts. If the low pound continues for much longer I will be able to reduce prices across the board.

Of course, the cost of the products at UK £ price is just a small part of the cost of my products. Transport, import costs and all overheads in CH are of course still paid in SFR.
Additionally, the UK has high inflation on food prices compared to Europe. Farmers Weekly

Ultimately, market forces prevail. If the prices are too high, competition may appear or sales may dry up forcing prices down.
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  #209  
Old 09.08.2011, 17:46
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Re: Sterling to CHF Exchange Rate

1.20 now. I thought I was smart moving some money a week or so ago at 1.28. I guess I could be "smart" and move some more. And then complain that it's 1.10 next Monday
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  #210  
Old 09.08.2011, 17:49
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Re: Sterling to CHF Exchange Rate

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1.20 now. I thought I was smart moving some money a week or so ago at 1.28. I guess I could be "smart" and move some more. And then complain that it's 1.10 next Monday
Odile won't like that '' you used at the end Adrian.
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  #211  
Old 09.08.2011, 17:51
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Re: Sterling to CHF Exchange Rate

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Not that I need to defend myself, but a bit of both actually. Speaking personally, this is the first time in 3 years that I can actually see a proper margin on my sales. I have though reduced the price of some cheeses and more cheeses I can now offer to trade customers at discounts. If the low pound continues for much longer I will be able to reduce prices across the board.

Of course, the cost of the products at UK £ price is just a small part of the cost of my products. Transport, import costs and all overheads in CH are of course still paid in SFR.
sorry, GG. didn't mean to bring you into it, but it was a simple example of a non-swiss good being imported that popped into my head.

frankly, if i were in your position, i wouldn't discount at all. but then again, i'm a greedy, profit-grabbing capitalist pig
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  #212  
Old 09.08.2011, 17:54
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Re: Sterling to CHF Exchange Rate

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i'm a greedy, profit-grabbing capitalist pig
Captured for posterity...
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  #213  
Old 09.08.2011, 17:59
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Re: Sterling to CHF Exchange Rate

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i'm a greedy, profit-grabbing capitalist pig
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Captured for posterity...
You guys would not be using the "state the bleeding obvious" with a "comedy twist" to up those already monolithic post counts would you?
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Old 09.08.2011, 18:02
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Re: Sterling to CHF Exchange Rate

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You guys would not be using the "state the bleeding obvious" with a "comedy twist" to up those already monolithic post counts would you?
As to you posting... well... whatever?



Nah... this way if has an epiphany and tries to delete his post he won't be able to thanks to my "capture of the moment"... unless, of course, he pays me. Now that's capitalism in action...

4,437 +1

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  #215  
Old 09.08.2011, 18:03
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Re: Sterling to CHF Exchange Rate

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You guys would not be using the "state the bleeding obvious" with a "comedy twist" to up those already monolithic post counts would you?
Not everyone has your gift of the gab Colinwheeler
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  #216  
Old 09.08.2011, 18:13
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Re: Sterling to CHF Exchange Rate

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if has an epiphany and tries to delete his post he won't be able to thanks to my "capture of the moment"...
i'm sure this is a



why would i want to delete it?

though i must admit, some of the lausanne communists are already giving me a hard time
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  #217  
Old 09.08.2011, 18:15
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Re: Sterling to CHF Exchange Rate

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I have catching up to do!!!

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Not everyone has your gift of the gab Colinwheeler
Hey I do it for both a living and a hobby.

Last edited by colinwheeler; 09.08.2011 at 18:17. Reason: Just to be economical!
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  #218  
Old 09.08.2011, 18:21
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Re: Sterling to CHF Exchange Rate

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I have catching up to do!!!


Hey I do it for both a living and a hobby.
I would never have guessed
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  #219  
Old 09.08.2011, 18:29
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Re: Sterling to CHF Exchange Rate

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I would never have guessed
Don't worry mate, you are fast approching the 500 mark.

And by the way it is now 1.2 CHF to 1 GBP.
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  #220  
Old 09.08.2011, 18:35
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Re: Sterling to CHF Exchange Rate

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Don't worry mate, you are fast approching the 500 mark.

And by the way it is now 1.2 CHF to 1 GBP.
We are not amused
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