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?”
Klicken Sie auf den entsprechenden Experten, um das gesamte Statement angezeigt zu bekommen:
“The decision was surprising indeed. Obviously with forex reserves already amounting to around 80% of GDP, the SNB feared there would be no end to its need to intervene. The expected ECB QE could only reinforce the upward pressure on the Swiss franc, so throwing the towel and dropping the cap before its announcement seemed to be, one can assume, a reasonable solution! Markets were shocked but their assessment of the implications was correct: the DAX moved up, while the SMI dropped sharply. The logic behind this knee-jerk reaction is clear: the jump of the Swiss franc will help growth to accelerate in the euro zone but choke it in Switzerland. There could also be a broader, less clear-cut implication for markets: by undermining the credibility of central banks and making their behaviour less predictable, the SNB move may complicate the task of central banks trying to manage their currencies or using forward guidance to manage interest rate expectations.”
