|Day's Range||0.984 - 0.984|
|52 Week Range||0.9660 - 1.0229|
CHF Solutions' (CHFS) Aquadex system to be used for the outpatient study on heart failure, conducted by James A. Haley Veterans' Hospital and Clinics. The study receives final approval.
Liberty Global has offered a 500 million Swiss franc ($501.45 million) sweetener to rescue the sale of its Swiss cable and TV business to Sunrise Communications but a key Sunrise shareholder said it remained opposed to the deal. Some Sunrise investors say the 6.3 billion franc price tag for cable operator UPC is too expensive. Liberty Global, set up by U.S. cable pioneer John Malone, said on Monday it had offered to buy up to 500 million Swiss francs in newly created Sunrise shares as a way of easing through the capital hike needed to clinch the sale.
The U.S. dollar rose on Monday, after two days of losses, attracting safe-haven bids, as optimism waned about a trade deal between the United States and China, and investors fretted about the ongoing twists and turns on Britain's exit from the European Union. The safe-haven Swiss franc and Japanese yen also firmed slightly against the U.S. dollar. U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade war and suspended a threatened tariff hike, but officials on both sides said much more work needed to be done before an accord could be agreed.
Switzerland’s central bank and the SIX stock exchange will study using a central bank digital currency to settle trades of tokenized assets.
(Bloomberg) -- The franc is trading near a two-week low versus the euro on Swiss data weakness, with both positioning and charts signaling more short-term pain. Yet, losses may be limited as the currency’s haven appeal should eventually prevail amid the deepening global economic gloom.The franc has pared its year-to-date advance to about 3% on expectations the Swiss National Bank may need to ease monetary policy amid slowing inflation and a manufacturing slump. It had run into resistance even before the recent poor data when it traded at levels stronger than 1.09 per euro, which are historically associated with increased currency intervention by the SNB.Scheduled events over the coming week offer limited scope to unsettle ongoing currency trends and while trade and Brexit headlines may stir up some volatility, market reactions are unlikely to extend beyond the knee-jerk.The franc’s weakening potential looks limited even on any SNB move to add stimulus, as the institution would only be joining peers such as the European Central Bank and Federal Reserve in leaning more dovish.While Swiss policy makers are scheduled to meet next on Dec. 12, officials would actually break a longstanding habit if they acted then. The SNB’s trademark style has been to deliver surprises between meetings -- such as when it scrapped the franc’s 1.20 per euro cap in 2015.Technically, the euro has scope to strengthen due to a bullish crossover of short-term moving averages. This developed Thursday when traders noted a very large buying clip in dollar-franc, which was seen as a one-off transaction. History suggests that such a pattern, when it occurs within a firm downtrend, results in a relief rebound without triggering a big change in market sentiment.NOTE: Vassilis Karamanis is an FX and rates strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment adviceWhat to Watch:Chinese Vice Premier Liu He visits Washington for trade talks with his U.S. counterparts on Thursday, Oct. 10The Brexit impasse continues as U.K. Prime Minister Boris Johnson attempts to make a deal with the EU before a key summit later this month; opposition legislators will probably continue to plan a strategy to prevent a no-deal BrexitThe U.K. Parliament will be suspended on Oct. 8 ahead of the Queen’s Speech and State Opening of Parliament, scheduled for Oct. 14FOMC minutes released on Oct. 9 from the Sept. 17-18 policy meeting Series of FOMC speakers include Chair Jerome Powell , Kansas City Fed President Esther George, Boston Fed President Eric Rosengren and Chicago Fed President Charles Evans Policy maker speeches also include BOE Governor Mark Carney, ECB Chief Economist Philip Lane, Norges Bank Governor Oystein Olsen Economic releases include euro area confidence index, U.S. inflation, U.K. GDP, Norway and Sweden inflation; see data calendarThe U.S. and North Korea are set to hold working-level talks on ending Pyongyang’s nuclear programTo contact the reporter on this story: Vassilis Karamanis in Athens at firstname.lastname@example.orgTo contact the editors responsible for this story: Ven Ram at email@example.com, Anil Varma, Neil ChatterjeeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Poland's central bank, financial sector supervision and finance ministry could help the nation's banks to overcome the problem of Swiss franc mortgages, Finance Minister Jerzy Kwiecinski said on Friday. The European Union's (EU) top court on Thursday ruled in favour of Polish consumers who took out mortgages in Swiss francs, allowing them to ask courts to convert the loans into Poland's zloty currency or cancel the contracts. Changing the terms of the loans, which had become prohibitively expensive after the Swiss franc jumped in value, means Polish banks will have to refund some customers.
LUXEMBOURG/WARSAW (Reuters) - The European Union's (EU) top court ruled on Thursday in favour of Polish consumers who took out mortgages in Swiss Francs, allowing them to ask Polish courts to convert the loans into the local zloty currency in a blow for lenders. Changing the terms of the loans, which had become prohibitively expensive after the Swiss franc jumped in value, means Polish banks will have to refund some customers. "The potential consequences of the ruling will be spread over time," Poland's second-largest lender Santander Bank Polska said in a statement.
Poland's central bank governor, Adam Glapinski, on Wednesday played down concerns about an EU top court's ruling on Swiss franc-denominated mortgages, saying he did not expect it to have a significant impact on central Europe's largest economy. "Please remember that this ruling will cover only a part of FX loans, not all banks that have different contracts. On Thursday morning the European Court of Justice is to release its verdict regarding the validity of one Swiss franc-denominated mortgage granted in Poland by Raiffeisen Bank.
Based on the early price action and the current price at 98.890, the direction of the December U.S. Dollar Index the rest of the session on Wednesday is likely to be determined by trader reaction to the pivot at 99.005.
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Pocket Cast or iTunes.Swiss inflation slowed to the weakest since 2016 and is now barely above zero, reflecting the franc’s rally against the euro.A day after South Korea reported the first annual drop in prices in more than a half-century of records, Switzerland said its rate fell to just 0.1% in September from 0.3%. That’s at the very lower end of the Swiss National Bank’s target range, which is rising prices at a rate below 2%.The drop follows a surge in the currency this year that the SNB has attempted to curb with currency market interventions. The franc hit a two-year high versus the euro in early September, and the central bank slashed its inflation forecasts.With its benchmark already at -0.75%, the central bank has so far resisted cutting interest rates, despite a reduction last month by the European Central Bank.Yet the KOF institute on Wednesday predicted a cut of as much as 25 basis points before year-end. The next scheduled policy decision isn’t due until December, but the SNB has a history of surprises if it feels it needs to act before then.Policy makers say the franc is highly valued and they continue to threaten to sell the franc as needed to stem its appreciation. Governing Board Member Andrea Maechler said Wednesday that monetary policy must remain expansive, Reuters reported.The SNB sees prices rising just 0.2% next year, recovering slightly to 0.6% the following year.\--With assistance from Catherine Bosley.To contact the reporters on this story: Fergal O'Brien in Zurich at firstname.lastname@example.org;Jan Dahinten in Zurich at email@example.comTo contact the editors responsible for this story: Craig Stirling at firstname.lastname@example.org, Fergal O'BrienFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com -- China throws a party with ICBMs and stealth drones, while Hong Kong burns. Meanwhile, Europe's economy looks ever grimmer and Credit Suisse (SIX:CSGN) clears its CEO of wrongdoing in a spy drama. Here's what you need to know in financial markets on Tuesday, 1st October.
Europe's highest court will rule next week whether a bank in Poland broke the law by selling homeowners a Swiss franc mortgage, potentially unleashing lawsuits which could wipe out Polish banking profits for years to come. It is nearly two decades since 700,000 Poles, attracted by interest rates far lower than those available in their zloty currency, took out mortgages denominated in Swiss francs. Such foreign currency loans now total 124 billion zloty (25.19 billion pounds), almost one third of all Polish mortgages, but many homeowners are having to pay far bigger instalments than they expected due to a sharp rise in the value of the Swiss franc.
Commerzbank may have to keep the Swiss franc mortgage portfolio of mBank when it disposes of its stake in the Polish bank, Poland's market regulator KNF said on Wednesday. "It is natural for the supervisor to expect that an entity intending to leave the Polish market will properly secure both the financing of the portfolio of foreign currency loans and the legal position of borrowers," KNF head Jacek Jastrzebski said in an email to Reuters. Commerzbank said last week it aims to sell a stake in mBank, in which it has a 69.3% holding worth about $2.56 billion.
Investing.com - The U.S. dollar steadied on Wednesday, but remained on the defensive following the launch of an impeachment inquiry into President Donald Trump, which added to downside risks in markets.
The SNB left its base rate unchanged while cutting growth and inflation view. In doing so, it said it “remains willing to intervene in the foreign exchange market as necessary.” The BOE surprised no one when it held its policy rate unchanged at 0.75% in a unanimous vote. The BOJ kept monetary policy on hold but hinted at possible action in October.
Investing.com -- Central banks around the world make different responses to the Federal Reserve's rate cut, U.S. stocks are set for a lower opening, and some fresh saber-rattling pushes oil prices back up. Here's what you need to know in financial markets on Thursday, 19th September.
Investing.com -- The Swiss National Bank left its key interest rate unchanged Thursday but took steps to reduce the penalty that banks pay on excess reserves, a week after the European Central Bank took similar action to protect euro zone banks against the harmful side-effects of negative rates. The SNB said the volume of excess reserves that will be remunerated at the penalty rate will be reviewed on a monthly basis.
The dollar fell against most major currencies on Thursday as some central banks refrained from cutting interest rates after the Federal Reserve's second rate decrease this year, boosting the appeal of their currencies versus the greenback. Sterling rallied in late U.S. trading following comments from European Commission President Jean-Claude Juncker which raised hopes for a deal for Britain to leave the European Union. The Swiss National Bank, the Bank of England and the Bank of Japan all kept their policies on hold on Thursday.
Investing.com - The safe haven yen and Swiss franc look likely to strengthen when markets open this week amid heightened geopolitical tensions in the Middle East after weekend attacks on Saudi oil plants disrupted global oil supplies.
Investing.com - Oil prices will react when markets open after an attack on a key Saudi production facility, amid uncertainty over how much global supply will be disrupted. Investors are also bracing for another interest rate cut from the Federal Reserve this week, as well as a flurry of rate decisions from other world central banks.
Every investor in Chesterfield Resources plc (LON:CHF) should be aware of the most powerful shareholder groups...
Investing.com -- The dollar was higher against haven currencies and lower against higher-yielders early Friday in Europe, holding gains made Thursday in broad rally in risk assets after signs of robust job creation in the U.S. last month.