Why investors are categorically not want to deal with the Swiss franc?
stress from
January jump franc fully
deprived investors' confidence in the Swiss
regulator. Funds, which in January
this year got burned on a strong jump
franc no longer work with this currency.
The last four years the Swiss
National Bank of holding back the franc in certain
borders, without giving him appreciate more
than 1.2 euro. But on January 15 the bank decided
to cancel this limitation, and later,
Franc hours rose by 40%
and caused panic in the other currency
markets, and some brokers have lost
a lot of money and were forced
completely stop their activities.
It was from that
Franc fateful day longer
It is not considered a stable currency
for funds. "Investors trust
Swiss National Bank, but
January decision to play against them, "
- says currency strategist at UBS Wealth
Management Constantin Boltz. UBS Wealth Management had
Instruments designed for stable
franc cost, but in January it
I had to record losses.
investors
now become very cautious and
franc volatility generally fell to
zero. stability of exchange rate
keeps
near the mark of 1.05 francs per euro and to
dollar varies depending on the course
Euro. Now, when banks began to consider
Franc riskier currencies
commissions for increased by
40%. Trade turnover decreased by Fr.
tripled compared to last year
UBS data. "The risk managers
have questions franc - says
Managing Millennium Global Investments, Richard
Benson. - After the January jump they
I can not predict anything. "
Difficulties in assessing the risks and franc
uncertainty in the negotiations on
Greece repelled investors on
to make bets on the franc's fall.
The president
Swiss National Bank knew what to do -
He removed the containment strengthening
Franc just before the ECB announced
the beginning of a new incentive program
- QE. This news greatly dropped the euro, and,
to keep the franc from strengthening,
the country's central bank would have to buy
more euros. However, even
in spite of the jump in the franc at the beginning of the year,
in Switzerland it is still very strong
economy and stable financial
system. And even negative rates
not afraid of bold investors, even if the
they have to pay extra for yourself
placing money on deposit.
Last month,
when the market was waiting for a Greek referendum
demand for the franc rose again, and the central bank
I had to intervene to prevent
strengthening currency. However, no
official promises to keep the franc
at a certain level, the bank did not give,
and it is somewhat disappointed investors. "Trade
franc is difficult, - the chief
currency department Insight Investment Pol Lembert.
- On the one hand we have the central bank, and on the
other - capital flows. "
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