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  #621  
Old 03.09.2011, 22:46
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Re: Swiss Franc Climbs to Record High

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What's the latest on whether it will go into negative interest territory? Will this effect checking accounts as well as savings accounts?
Who knows, wait & see.
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  #622  
Old 03.09.2011, 22:55
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Re: Swiss Franc Climbs to Record High

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What's the latest on whether it will go into negative interest territory? Will this effect checking accounts as well as savings accounts?
It will probably only effect accounts held by people with non-swiss addresses & holding substantial amounts.
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  #623  
Old 06.09.2011, 10:17
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Re: Swiss Franc Climbs to Record High

The SNB pegs the swissie to the euro at 1.2

Hope none of you have been caught with your pants down...
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  #624  
Old 06.09.2011, 10:35
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Re: Swiss Franc Climbs to Record High

http://www.englishforum.ch/finance-b...s-chf-eur.html
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  #625  
Old 06.09.2011, 10:42
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Re: Swiss Franc Climbs to Record High

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The SNB pegs the swissie to the euro at 1.2

Hope none of you have been caught with your pants down...
Thanks, now the speculators will pile in........................
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  #626  
Old 06.09.2011, 10:46
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Re: Swiss Franc Climbs to Record High

Since Germany has lost its role as strong currency nation with the loss of the D-Mark, the Swiss Franc can't stand the heat being the only strong currency left and has devalued.
Though I understand their reasons, I see this as a disastrous policy for Switzerland more or less making itself economically subservient - and thereby politically subservient - to the EU.
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  #627  
Old 06.09.2011, 13:25
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Re: Swiss Franc Climbs to Record High

It has not pegged the franc to the euro, it has just set a maximum exchange rate level of the franc vs the euro, which means that it could easily depreciate under that level and the bank wouldn't intervene.
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  #628  
Old 06.09.2011, 20:30
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Re: Swiss Franc Climbs to Record High

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Since Germany has lost its role as strong currency nation with the loss of the D-Mark, the Swiss Franc can't stand the heat being the only strong currency left and has devalued.
Though I understand their reasons, I see this as a disastrous policy for Switzerland more or less making itself economically subservient - and thereby politically subservient - to the EU.
A) what is disastrous about defending the country, Mr Pétain ?
B) since when is defending the country "subservient" to the EU ?
C) since when is Mr Blocher positive towards the EU ?
D) since when does the EU not love to see a low rate of the € ?

No, to defend Switzerland is the duty of the National Bank. Sure, what goes on now is a disaster for Economics Minister Schneider Ammann and a triumpf for Finance Minister Widmer-Schlumpf

Interesting to see that Switzerland in view of the most severe danger to the survival of the union got united with the Federal Council, all major parties, the trades unions and the industrialits unions fully backing a stance, something I as having born 5 years after WWII never saw, but which was the case when the United Congress voted for Henri Guisan to become the CIC of the nation

What about the E.U. ? The major industries of the E.U. might have liked to see economic Switzerland destroyed, as this would have allowed some of them to take over small but valuable market shares, and would have allowed them to buy up Swiss companies

What about SVP Ayatollah Blocher ? The shrewd man knows that the present action of Switzerland hinders the targetted devaluation of the € and so is against the EU interests. He also knows that the holdings of € by the SNB give Switzerland some clout in European affairs. This is against his official ideology, but when you see how heavily his business conglomerate is active in Austria and German and if you realize that his daughter is married to the son of a Lombardy industrial business tycoon, who has long ago become a good friend of Mr B, then you may see things a bit differently
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  #629  
Old 06.09.2011, 20:32
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Re: Swiss Franc Climbs to Record High

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It has not pegged the franc to the euro, it has just set a maximum exchange rate level of the franc vs the euro, which means that it could easily depreciate under that level and the bank wouldn't intervene.
The SNB, which btw. is NOT a "bank", WILL intervene immediately if the € gets falling but will not if the € will rise, as the CHF of course still is heavily OVERvalued, as the € has an actual value of at least CHF 1.35
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  #630  
Old 06.09.2011, 20:42
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Re: Swiss Franc Climbs to Record High

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The SNB, which btw. is NOT a "bank", WILL intervene immediately if the € gets falling but will not if the € will rise, as the CHF of course still is heavily OVERvalued, as the € has an actual value of at least CHF 1.35
Speaka de englishhhh bitte, what does this mean, really, for the non-economist?
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  #631  
Old 06.09.2011, 21:04
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Re: Swiss Franc Climbs to Record High

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Speaka de englishhhh bitte, what does this mean, really, for the non-economist?
Again, it is now fixed that the SNB is not to allow the € to fall to below CHF 1.20, but the SNB of course will allow the € to rise as far as it may .
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  #632  
Old 06.09.2011, 21:17
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Re: Swiss Franc Climbs to Record High

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Again, it is now fixed that the SNB is not to allow the € to fall to below CHF 1.20, but the SNB of course will allow the € to rise as far as it may .
It will be interesting to see if they have the stomach to keep this up or not.
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  #633  
Old 06.09.2011, 21:29
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Re: Swiss Franc Climbs to Record High

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It will be interesting to see if they have the stomach to keep this up or not.
They do NOT need ANY stomach to keep it up, as they now are under so severe pressure that they in the SNB leadership have no other choice than to do their job.

You might ask whether they really will have the stomach to press the treshold up to 1.30. I already regard the 1.20 as relatively high and might have preferred to see 1.15 or 1.10, but 1.20 is the exact middle between 1.00 (unacceptable really) and 1.40 (wanted by many, but not exactly realistic)
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  #634  
Old 06.09.2011, 21:29
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Re: Swiss Franc Climbs to Record High

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A) what is disastrous about defending the country, Mr Pétain ?
B) since when is defending the country "subservient" to the EU ?
C) since when is Mr Blocher positive towards the EU ?
D) since when does the EU not love to see a low rate of the € ?

No, to defend Switzerland is the duty of the National Bank. Sure, what goes on now is a disaster for Economics Minister Schneider Ammann and a triumpf for Finance Minister Widmer-Schlumpf

Interesting to see that Switzerland in view of the most severe danger to the survival of the union got united with the Federal Council, all major parties, the trades unions and the industrialits unions fully backing a stance, something I as having born 5 years after WWII never saw, but which was the case when the United Congress voted for Henri Guisan to become the CIC of the nation

What about the E.U. ? The major industries of the E.U. might have liked to see economic Switzerland destroyed, as this would have allowed some of them to take over small but valuable market shares, and would have allowed them to buy up Swiss companies

What about SVP Ayatollah Blocher ? The shrewd man knows that the present action of Switzerland hinders the targetted devaluation of the € and so is against the EU interests. He also knows that the holdings of € by the SNB give Switzerland some clout in European affairs. This is against his official ideology, but when you see how heavily his business conglomerate is active in Austria and German and if you realize that his daughter is married to the son of a Lombardy industrial business tycoon, who has long ago become a good friend of Mr B, then you may see things a bit differently
I am not Mr Pétain and I would ask you be more respectful of others!
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  #635  
Old 06.09.2011, 21:38
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Re: Swiss Franc Climbs to Record High

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I am not Mr Pétain and I would ask you be more respectful of others!
Maréchal Pétain was a war-hero of WW-I ! And in principle a highly respectable person, even if that view got a bit démodé. If you felt insulted by that joke, I heavily apologize. I however DO feel insulted by notions that defending the union is serving somebody else
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  #636  
Old 06.09.2011, 21:44
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Re: Swiss Franc Climbs to Record High

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They do NOT need ANY stomach to keep it up, as they now are under so severe pressure that they in the SNB leadership have no other choice than to do their job.

You might ask whether they really will have the stomach to press the treshold up to 1.30. I already regard the 1.20 as relatively high and might have preferred to see 1.15 or 1.10, but 1.20 is the exact middle between 1.00 (unacceptable really) and 1.40 (wanted by many, but not exactly realistic)
So your saying that they would bankrupt the country, rather than admit they made a mistake trying?
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  #637  
Old 06.09.2011, 22:05
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Re: Swiss Franc Climbs to Record High

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Maréchal Pétain was a war-hero of WW-I ! And in principle a highly respectable person, even if that view got a bit démodé. If you felt insulted by that joke, I heavily apologize. I however DO feel insulted by notions that defending the union is serving somebody else
This may be only my opinion and is not intended to offend anyone, but I consider if a sovereign nation follows another nation in deciding its currency value and expansion of the monetary supply (which leads to inflation) then it has put itself in, let us say, a subordinate role.
It is also my opinion that, if as I suspect the Euro drops and drops, then the CHF will be in a worse position than if it avoided massively inflating the money supply. If the Euro drops to zero value where will the CHF be then?
I can however assure you that I have the interests of Switzerland close to my heart.

Possibly history is seen differently when taught in different schools but the way I learnt it Mr. Petain was convicted as a traitor to his country, France. Naturally, I willingly accept your apology.
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  #638  
Old 06.09.2011, 22:18
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Re: Swiss Franc Climbs to Record High

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So your saying that they would bankrupt the country, rather than admit they made a mistake trying?
A) sorry but by "they" you certainly mean the speculators who wanted to bankrupt the country
B) who made a mistake trying what ? If you mean the SNB, you are wrong as they just are doing their duty, and not just try.
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  #639  
Old 06.09.2011, 22:30
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Re: Swiss Franc Climbs to Record High

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This may be only my opinion and is not intended to offend anyone, but I consider if a sovereign nation follows another nation in deciding its currency value and expansion of the monetary supply (which leads to inflation) then it has put itself in, let us say, a subordinate role.
It is also my opinion that, if as I suspect the Euro drops and drops, then the CHF will be in a worse position than if it avoided massively inflating the money supply. If the Euro drops to zero value where will the CHF be then?
I can however assure you that I have the interests of Switzerland close to my heart.

Possibly history is seen differently when taught in different schools but the way I learnt it Mr. Petain was convicted as a traitor to his country, France. Naturally, I willingly accept your apology.
A sovereign nation has to use its sovereignty to stop some speculators abroad from trying to determine the fate of its nation, and a sovereign nation has the right to stop them from ruining the national economy. The Euro cannot drop to ZERO, but COULD drop to an exchange rate which simply would ruin Switzerland. And more than 66% of the Swiss exports go the the Eurozone, and more than 50% of all inbound-tourists come from the Eurozone.

The problem I see of course is about what the SNB in the longer run is to do with all those Euros, but as the real value of the € is some CHF 1.40, you can expect it to rise again, and then the SNB can gradually reduce its holdings with very nice profits. The SNB may of course go into buying US$ and similar crap, but the Euro in comparison is still the better bet
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  #640  
Old 06.09.2011, 22:32
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Re: Swiss Franc Climbs to Record High

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B) who made a mistake trying what ? If you mean the SNB, you are wrong as they just are doing their duty, and not just try.
I don't blame SNB but if i'm in their i would have supported the local economy and businesses which makes more sense rather than attempting a poker flop when you don't know how the other players will act......i assure you, investors are gonna hold to their CHF till SNB fails to do anything anymore, cannot hold on their attempt to peg the CHF and rates are reversed back high dramatically....i would personally give it 20 to 35 days before the chf hits parity....anything else would be a miracle really
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