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Fallout From Swiss Move Hits Banks, Brokers
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The Swiss National Bank's decision on Jan. 14, 2015, to drop the 2011 peg of 1.2 euros to the franc, and reduce interest rates to negative 0.75%
01/15/2015
The Swiss National Bank gives up the effort to maintain the 2011 peg of 1.2 euros to the franc, as the anticipated ECB action for the Jan. 22 ECB meeting to weaken the euro further draws near. By offering negative yields on deposits of francs the bank plans to reduce the attractiveness of the franc as a safe haven. The Swiss franc surged by 15%, stock of exporter Swatch dropped 16% and the Swiss Stock Exchange showed a decline of 9%. Stocks of Nestle and Novartis, other exporters, also declined.
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Effects of the Swiss National Bank move on exchange rates in Jan. 2015
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Fallout From Swiss Move Hits Banks, Brokers
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