CurrencyShares Swiss Franc Trust ETF(FXF)- NYSEARCA
  • Jan. 17, 2013, 10:21 AM

    Italy's Mario Monti is drawing jabs for proclaiming the EU crisis over, but maybe the best gauge - the euro/Swiss franc cross - agrees. Now buying CHF1.2480, the euro is at its strongest vs. the franc since before the 1.20 floor was imposed by the SNB in the midst of a very dicey summer 2011.

    | Jan. 17, 2013, 10:21 AM | 1 Comment
  • Jan. 11, 2013, 10:06 AM
    The euro/Swiss franc cross shoots to its highest level since shortly after the SNB instituted the CHF1.20 floor nearly a year and a half ago. Chatter on the desks says the SNB is way long yen (which it bought to diversity out of euros), and has been selling gold to cover its losses. The yen has sunk to multi-year lows vs. both the euro and the greenback. As they rise, gold falls, -1.2%.
    | Jan. 11, 2013, 10:06 AM | 4 Comments
  • Dec. 13, 2012, 10:23 AM

    The SNB holds policy steady with its benchmark rate still at 0-0.25%, and the CHF 1.20 floor for the euro to be enforced "with utmost determination." Pressure has come off the bank's need to defend the floor of late as the EU crisis fades (for now), and Credit Suisse (UBS rumors floating about as well) begins charging negative interest rates on deposits.

    | Dec. 13, 2012, 10:23 AM | 3 Comments
  • Dec. 4, 2012, 7:20 AM

    Crisis over? Probably not, but the euro/Swiss franc cross rises to its highest level in many moons as word leaks Credit Suisse's negative rate on franc deposits will be as high as 1%. The euro is currently buying CHF 1.2132, far above the SNB's CHF 1.20 floor.

    | Dec. 4, 2012, 7:20 AM | 1 Comment
  • Dec. 3, 2012, 11:06 AM
    Credit Suisse does indeed plan to begin charging negative interest rates on Swiss franc deposits, "inviting customers to keep cash balances as low as possible." Whether this will have effect on safe-haven flows is another story. What's a couple of basis points to a wealthy Spanish family or company concerned about a euro exit or capital controls in their home country.
    | Dec. 3, 2012, 11:06 AM | 2 Comments
  • Dec. 3, 2012, 7:58 AM

    Negative deposit rates may come to Switzerland as Credit Suisse reportedly informs clients it intends to make them pay for the privilege of banking cash there. The euro/Swiss franc cross shoots higher to CHF 1.2090, well above the SNB floor of 1.20, and perhaps taking pressure off the bank to keep buying every euro in sight.

    | Dec. 3, 2012, 7:58 AM
  • Nov. 28, 2012, 12:42 PM

    The Swiss franc remains too high vs. the euro, says SNB Chairman Jordan, promising to defend the CHF 1.20 floor with "determination." The floor defense - printing francs in unlimited quantities - has ballooned the SNB balance sheet to 10X its level of 5 years ago. Running out of euros to buy, the bank now has 12% of its reserves invested in foreign stocks. And we give Bernanke a hard time?

    | Nov. 28, 2012, 12:42 PM
  • Nov. 13, 2012, 11:37 AM

    With the SNB able to defend the CHF 1.20 floor on the euro while actually lowering the share of euros in its reserves, might now be the perfect time to hike the floor even higher? Last year's capping of franc strength may have kept the Swiss economy from a severe contraction, but the swissie remains historically high vs. the euro, and GDP growth has yet to take shape. FXF -5.2% Y/Y.

    | Nov. 13, 2012, 11:37 AM
  • Nov. 8, 2012, 1:00 PM

    "The complexity and risk associated with the management of our investments have recently increased significantly," says the SNB's Frtiz Zurbrugg, sounding like he's hedging on the bank's CHF 1.20 floor on the euro; though adding the usual line about enforcing such with "utmost determination." Previous: The SNB quietly unloads euros. 

    | Nov. 8, 2012, 1:00 PM
  • Nov. 7, 2012, 9:30 AM
    Have the safe-haven flows into Switzerland stopped? New data shows the SNB's foreign-exchange reserves fell for the first time in 8 months in October, suggesting the bank did not have to hoover up euros to keep in force the CHF1.20 floor. The cross currently stands at CHF 1.2065.
    | Nov. 7, 2012, 9:30 AM
  • Nov. 7, 2012, 6:54 AM

    The greenback reflexively slid lower as the President's reelection became clear last night, but has since retraced all of the move. Were traders expecting a Romney victory followed by a rate hike? The Fed wasn't going anywhere no matter last night's result.

    | Nov. 7, 2012, 6:54 AM | 1 Comment
  • Nov. 1, 2012, 3:18 PM

    A bit of deft trading allowed the SNB in Q3 to cut its euro holdings to 48% of reserves from 60%, all without shredding the value of the common currency. The bank - in order to defend the CHF 1.20 floor - has spent the last year accumulating euros at a furious pace, putting itself at risk should the markets attack. Increased during Q3 were its holdings of greenbacks, pounds, yen, and loonies.

    | Nov. 1, 2012, 3:18 PM
  • Sep. 13, 2012, 7:13 AM

    "With utmost determination," SNB President Jordan promises to uphold the CHF 1.20 floor on the euro/Swiss franc cross. "The franc is still high and is weighing on the Swiss economy." Locked at 1.2010 francs for months, the euro has soared to over 1.21 in recent days (yes, 100 pips is soaring) amid optimism the EU finally has a handle on the debt crisis.

    | Sep. 13, 2012, 7:13 AM
  • Sep. 7, 2012, 7:35 AM

    Maybe the clearest sign the world has changed this week, the pressure on the SNB-imposed euro/Swiss franc floor of CHF 1.20 has lifted. Put in place a year ago as a flood of euros sought safe-haven in Switzerland, the floor has been under attack since, forcing the SNB to hoover up euros by the tens of billions. Now it's those short euros under attack as the cross lifts all the way to CHF 1.2146.

    | Sep. 7, 2012, 7:35 AM
  • Sep. 5, 2012, 3:42 PM
    There's an outstanding lesson somewhere in a very cool Oanda interactive showing clients' currency positions over time alongside the performance of the currency. Quick take: Far from being contrary indicators, Oanda traders tend to lean against the trend, adding to longs as a currency falls and selling when a currency is one the way up.
    | Sep. 5, 2012, 3:42 PM
  • Sep. 5, 2012, 10:09 AM

    The euro/Swiss franc cross continues a big move higher, touching CHF 1.2046 as the SNB declines to comment on speculation it is considering raising the CHF 1.20 floor. These occasional rumors are helpful to the SNB, perhaps allowing the bank to unload some of its vast stash of euros at prices higher than it bought them for.

    | Sep. 5, 2012, 10:09 AM
FXF Description
CurrencyShares Swiss Franc Trust is designed to track the price of the Swiss Franc net of Trust expenses, which are expected to be paid from interest earned on the deposited Swiss Francs.
See more details on sponsor's website
Country: Switzerland
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