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Here’s an interesting view on the consequences of the SNB’s move from Societe Generale’s Sebastien Galy. First of all, as others have noted too, Galy believes the decision to defend a 1.20 level floor against the euro is credible this time, since the environment is very different. Not only is there a political will to intervene, measures like CPI — which are dropping — justify an expansion of the monetary base.
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WHEN the going gets tough, the tough buy Swiss francs. That was true in the 1970s, when the Swiss were forced to impose negative interest rates on foreign depositors.La BNS devra rendre des comptes
J’avais parlé de la possibilité de fixer un plancher de cours pour l’euro à 1,20 ou d’arrimer le franc suisse à l’euro. Ce matin la BNS a donc tranché en faveur du plancher à 1,20 à défendre coûte que coûte avec selon le communiqué tous les moyens nécessaires et illimités. Et la presse, les syndicats applaudissent à tout rompre, le commun des mortels qui ne s’y intéresse pas croît que les décisions sont de toute manière prises par des gens qui « savent ce qu’ils font » et moi je pleure (heureusement je ne suis pas le seul dans cet état).
Alphaville » What will Switzerland do with all those euros?
While the scale of Switzerland’s forex intervention on Tuesday caught many people off guard, what’s also caused a bit of bother is seemingly the interpretation of the move.
In the Karussell shopping centre in the Swiss town of Kreuzlingen on Thursday, all was quiet.