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CurrencyShares Swiss Franc Trust ETF (FXF)

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  • Aug. 11, 2013, 2:48 AM
    • The Swiss National Bank will abolish its cap of 1.20 francs (FXF) to the euro once the SNB starts increasing interest rates, which are at zero, bank Vice President Jean-Pierre Danthine says. The EUR-CHF rate is 1.2307.
    • "The day the SNB decides to raise rates, there can no longer be a restricting minimum exchange rate," Danthine says. "Today the absolute priority is the cap, which we will keep in place as long as necessary.
    • The SNB imposed the limit in September 2011 in order to prevent deflation and a recession. However, the SNB's ultra-loose monetary policy has led to soaring house prices and fears of overheating.
    | 1 Comment
  • Jul. 8, 2013, 8:41 AM
    The dollar (UUP) and the euro (FXE) should continue as the favored currencies among developed economies (they're currently #1 and #2 YTD), says UBS, thanks to stronger U.S. growth and eased political risk in the EU. Their gains will come at the expense of the safe-haven Swiss franc (FXF) and the commodity-linked aussie (FXA).
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  • Jun. 5, 2013, 10:17 AM
    Safe havens haven't been so safe lately (see gold, see dividend stocks), and hedge funds are gearing up to attack another, says SocGen - the Swiss Franc (FXF). As Fed tapering draws near, yield differentials between the greenback and the swissie should increase at the same time the SNB continues to pledge a weaker franc. "All richly valued 'safe havens' are potentially perilous assets when liquidity is about to dry up."
    | 2 Comments
  • May. 22, 2013, 7:35 AM
    The Swiss franc tumbles to its lowest level in 2 years after SNB chief Thomas Jordan says a raising of the 1.20 euro/franc floor and/or negative interset rates are among the steps the bank could take. The swissie (FXF) is off 0.4% vs. the greenback, but more importantly down 0.7% vs. the euro to CHF 1.2606 - the 1.20 floor seemingly miles away. No crisis here.
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  • May. 17, 2013, 9:38 AM
    Did the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% - an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%).
    | 5 Comments
  • May. 9, 2013, 3:06 PM
    The dollar (UUP +1%) is soaring across the board (not just against the yen, where it's now spiked through ¥100 to ¥100.56). The greenback is threatening parity vs. the aussie (FXA -1.1%) for the first time since last summer, and the euro (FXE -1.1%), swissie (FXF -1.4%), loonie (FXC -0.5%), and pound (FXB -0.6%) are seeing sizable declines as well. Commodities? Red. Gold (GLD -1.1%), Silver (SLV -1.2%), Oil (USO -0.6%), Copper (JJC -0.8%).
    | 5 Comments
  • Mar. 14, 2013, 9:55 AM
    The Swiss Franc (FXF) is little-changed vs. the greenback and the euro after the SNB reiterates the currency remains too strong and it will enforce the 1.20 floor against the euro with "utmost determination."  The debt crisis no longer on the front pages, the euro has been trading above the floor for some time, and currently buys 1.2340 francs. The Swiss ETF (EWL) +19.3% Y/Y.
    | 1 Comment
  • Feb. 7, 2013, 4:02 PM
    A look beneath the hood of Schwab's (SCHW) recently unveiled lineup of 105 commission-free ETFs shows an impressive breadth of asset class coverage, including currency, physical metals and equal-weight sector ETFs not previously available for commission-free trading. Notably absent: iShares single country funds, 10 of which are available among the 101 ETFs TD Ameritrade (AMTD) offers commission-free.
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  • 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.
    | 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%.
    | 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.
    | 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.
    | 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.
    | 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.
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  • 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?
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  • 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.
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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.
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Country: Switzerland
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