This page has been archived and commenting is disabled.
Swiss Franc Plunges On FinMin "Minimum Exchange Rate" Comment
Just what are the Swiss up to...
- *SWISS FINANCE MINISTER WANTS NEW MINIMUM EXCHANGE RATE: HZ
A confidential paper signed by Swiss Finance Minister Eveline Widmer-Schlumpf, discussed in government last week, said that new minimum exchange rate should be "considered," Handelszeitung reports in a prerelease of an article to be published Thursday.
As Bloomberg adds,
Paper, also backed by Economy Minister Johann Schneider-Ammann, suggests that Swiss govt should have more influence on SNB decision making via regular and more intensive consultations with the central bank: HZ
And Swissy dumped...
Full Statement pre-release (via Google Translate):
A new minimum exchange rate of the euro compared to the franc should be "considered". And: The state government has to take with regelmaessigeren and intensified debates more gain influence on the decisions of the Swiss National Bank (SNB). Be explicitly "target 'must' to coordinate the money economy and the general economic policy content and communication." These controversial claims, signed by Finance Minister Eveline Widmer-Schlumpf, are in a confidential discussion paper, which has led in the Bundesrat last week to controversial discussions. About it reports the "commercial paper" in its morning edition.
Topic of discussion were proposals for possible policy responses to the Frankenstaerke. While the Federal Council has not yet approved the paper, but the impact and march direction is outlined: the high politics in Bern, dissatisfied with the by surprising cancellation of guaranteed exchange rate of CHF minimal 1.20 to the euro, will publicly demonstrate power and win back power to act. The said committee jointly presented by Widmer-Schlumpf and Economy Minister Johann Schneider-Ammann analysis states clearly that neither fiscal nor economic or organizational measures are likely to influence decisively the new, for the economy as a whole been considered a difficult situation or to overcome all. The central factor for the development of the Swiss economy, concluded the economists of the covenant, is and remains the monetary policy of the SNB.
* * *
»
- 9848 reads
- Printer-friendly version
- Send to friend
- advertisements -
Looks like the Swiss Elite is inside trading their own currency for great profit, at the expense of everyone else.
DXY has broken to the upside today - looks like clear sailing all the way to 100 and beyond.
Gold is suffering it's usual morning collapse. I have to wonder out loud - who keeps ramping the gold price every day between 4;00pm and midnight? Is it the bankers driving the price higher in thin trade, so they can more easily establish large short positions at higher prices when volumes are higher?
You guessed it! JPM mostly
Field day for HFT again.
http://chevallier.biz/2015/02/bns-effondrement/
BNS WILL BE THE FIRST CENTRAL BANK TO BURN !!!
What did Scotiabank do that was completely beyond the pale even for banksters? :)
(En anglais la Banque Nationale Suisse se nomme SNB [Swiss National Bank].
BNS, c'est le Bank of Nova Scotia [la Banque de Nouvelle-Ecosse, normalement dit Scotiabank ou BanqueScotia], une banque canadienne.)
veuillez m'excuser effectivement, ce n'est pas BNS mais SNB
For English speakers, BNS is "Banque Nationale Suisse" or SNB
Bet you a lot of FX day traders got burned on that one.
More proof that the central banks are truly shitting themselves and have no clear decisive strategy on what the fuck to do.
Germany using euro to its advantage. Swiss will follow shortly.
DOOOOOOOOMED........This is what happens when you have work for the fascist Fed and bend to their will. Switzerland is now but a vassle of the Zionist agenda.
Currency wars begin.....
Oh, I'm sure Bern can suggest a new EURCHF peg. The SNB, which is privately owned and whose shareholders just lost their pants on the last peg, will happily ignore them.
I see USDCHF is back to its levels earlier today.
SNB destroyed trust in the Swiss franc that had been built up over 200 years when they first announced a floor against the Euro a few years ago. Fuck them.
The Swiss Franc used to be tied to gold. Giving up the gold backstop made CHF just another fiat currency. Upward pressure on CHF is no diffrent to the pressure on Danish or Norway currency. At least Norway got oil.
What didn't work first time will not work second time. Finance minister is totally outdated.
Swissy gassing the FX markets again, go figure:)
no one should get the idea that either Widmer-Schlumpf or Schneider Amman know what they are talking about.
Schlumpf's performance during the banking crisis showed her total lack of ability and backbone while amman is still under investigation for sleazy money-dealings. Sad days in die Schweiz.