Sensation in Switzerland: The Swiss National Bank has the price the franc released. The result: the Euro exchange rate rushes to the basement of the Franks evaluates brutally. This has consequences for travelers, exporters and consumers
The move came even to experts surprising. The Swiss National Bank (SNB) is making a radical change and gives the Minimum course on the Swiss franc. For more than three years, the central bank guaranteed a rate of at least 1.20 francs per euro. Expensive the franc should not be – to protect domestic export economy
Now, the SNB has completed this strategy abruptly – and the consequences are dramatic. The franc rose against the dollar and euro temporarily to 30 percent. Simultaneously, the euro came under massive pressure. Short term, the euro fell to 1.15 US dollars, its lowest level since November 2003. The Dax also buckled and was temporarily 1.8 percent in the red before a sedative began.
But more important than the short-term market reactions are the long-term consequences.
- “Golden Balance”: Select the best watches in the world
FOCUS Online explains what this means the soaring franc
vacation.
Travel to Switzerland are now more expensive , This also applies to the vignette on the way south. Who makes vacation in Switzerland, has to change Euro in Swiss francs. Did vacationers through the guaranteed minimum rate of at least 1.20 francs to the euro, they now get significantly less. Currently the exchange rate is around 1.03 francs per euro
watches.
The upgraded francs, German importers and consumers have medium to face rising prices for products from Switzerland. This is particularly true for the main import goods from the Alpine country. Pharmaceutical products, machinery, metals and chemical products
According nervous show Swiss entrepreneurs. They fear declining exports. Nick Hayek, CEO of Boss watch company Swatch Group , said: “It is missing one the words! What the SNB organized there is a tsunami. for both the export industry as well as for tourism and ultimately for the whole of Switzerland. “
added Bastien Buss of the Swatch corporate communications, Swatch produce 100 percent in Switzerland and is in the export instructed. Early price adjustments for watches he did not want to confirm: “It is still too early to think about price increases.”
chocolate and coffee capsules:
Easter will probably be more expensive this year. The selling prices for the golden Lindt bunnies are likely to rise significantly this year. Is different with coffee capsules, about Nespresso. There, the international price of coffee is significant. In addition, Nestlé has long been established factories outside of Switzerland that will help mitigate the exchange rate turbulence
€.
Experts predict that accelerate the decline of the euro in the next few weeks again likely – especially if the ECB, as currently expected to decide to expand their ultra-loose monetary policy
<- finance-chart.tag.!: {"M_LINK":"http://m.finanzen100.de/waehrungen/euro-schweizer-franken-eur-chf_H77861012_9348820/","PERF_PCT":"-13,82%","PRICE":"1,0355","NAME":"Euro / Swiss Franc (EUR/CHF)","PERF_PCT_RAW":-13.8161,"WWW_LINK":"http://www.finanzen100.de/waehrungen/euro-schweizer-franken-eur-chf_H77861012_9348820/","CURRENCY":"CHF","PERF_ABS_RAW":-0.166,"PRICE_RAW":1.0355,"CHART_URL":"http://c.finanzen100.de/bwcharts/images/finanzen100/intraday/fol_small.png?ID_INSTRUMENT=9348820&key.codeMarket=DE%21%40DE%21W%24%24%21%40W%24%24","PERF_ABS":"-0,1660"} ->
- 0.1660 (- 13.82%)
euro-franc exchange rate will now be left to market forces, and it should be set courses in the field of parity predicts Helaba analyst Ulrich Wortberg. This would mean: For a Euro you get only one franc
Stock Exchange.
The Dax lost to the Swiss decision on Thursday temporarily 1.8 percent. Worse, it met the Swiss Stock Exchange: The leading index SMI fell by up to 14 percent. This is the biggest loss in its history. The companies listed there together lost about CHF 140 billion on market capitalization. This corresponds roughly to the Swiss economic performance of a quarter.
When the individual values, export-oriented companies from the Alpine republic suffered massive. So lost the shares of Swatch and Richemont in the SMI around 15 percent of its value. The index heavyweights Roche and Novartis each put forward over seven percent
<.! - - finance-chart.tag: {"M_LINK":"http://m.finanzen100.de/aktien/swatch-wkn-865126_H788447672_86555/","PERF_PCT":"-2,58%","PRICE":"370,45","NAME":"Swatch","PERF_PCT_RAW":-2.5773,"WWW_LINK":"http://www.finanzen100.de/aktien/swatch-wkn-865126_H788447672_86555/","CURRENCY":"EUR","PERF_ABS_RAW":-9.8,"PRICE_RAW":370.45,"CHART_URL":"http://c.finanzen100.de/bwcharts/images/finanzen100/intraday/fol_small.png?ID_INSTRUMENT=86555&key.codeMarket=DE%21%40DE%21W%24%24%21%40W%24%24","PERF_ABS":"-9,80"} ->
- 9.80 (- 2, 58%)
banks
The sudden exchange rate quake can bring in distress and banks. For example, the Austrian Erste Group was forced to emphasize that there were no problems at its Hungarian subsidiary after the massive appreciation of the Swiss franc. This had many franc loans to Hungarian buyers place before the financial crisis - which repayment is for consumers now dramatically more expensive
Swiss economy.
Take The risk of a recession in Switzerland by the SNB move abruptly, says UBS economist Daniel Kalt. Main reason: the strong Swiss franc Swiss products abroad are more expensive and therefore less competitive. For German companies, the expensive franc could, however, a competitive advantage bring - as in machine and plant construction, where Swiss companies such as ABB and Oerlikon act as strong competitors
Swiss central bank.
From view of Helaba analyst Ulrich Wortberg loses the Swiss central bank with its change of credibility because they had emphasized in recent months, always vehement defense of the minimum price
Video:. plan Swiss open panoramic lift with upper deck
No comments:
Post a Comment