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CurrencyShares Swiss Franc Trust ETF (FXF)

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  • May 2, 2012, 9:47 AM
    "I think we're a year away from the French fully nationalizing their banking system," Hugh Hendry tells the gathering at the Milken Institute. The trade in Europe, he says, is to be short financials and long exporters as he sees the euro headed towards parity with the dollar, "a profound economic advantage to what are already super-competitive businesses." (full panel video here)
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  • Apr. 30, 2012, 6:58 AM
    The SNB reports a Q1 loss of CHF1.7B, losing CHF2.6B on its foreign currency holdings as the yen, greenback, and euro all declined against the franc during the quarter. The currency loss was offset by a small gain in the value of the bank's gold stash.
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  • Apr. 24, 2012, 1:39 PM
    Is Apple just a plaything of the currency boys? Frustrated by governments and central banks that have taken the action out of fx trading, pros are headed to the sidelines, with at least one former punter moving to Apple: "It is what trading the Deutsche Mark was like years ago. Fx, I won't touch it. Too much risk and too little reward."
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  • Apr. 19, 2012, 3:14 PM
    Election-year politics means the U.S. will not be part of $400B in additional funding for the IMF, writes Bruce Krasting, but Switzerland is of even more interest. Based on other countries' contributions, Switzerland might be expected to chip in $12B. However, the IMF has blasted the country for setting a floor on the euro/franc rate. If Switzerland writes a check for $25B or more, look for that criticism to go away.
  • Apr. 18, 2012, 8:57 AM
    Defense of the minimum rate (for euro/Swiss franc) is an absolute priority, says the SNB's Thomas Jordan, after his move from interim Chairman to Chairman. He says the franc remains overvalued, but refuses comment on a further lifting of the CHF 1.20 floor. EURCHF promptly sheds a few pips back to 1.2026.
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  • Apr. 18, 2012, 8:07 AM
    Thomas Jordan is officially appointed as Chairman of the SNB. He had been interim chief since January when Phillip Hildebrand stepped down amidst details of his wife currency trading. Jordan is a strong proponent of the bank's hard ceiling on the swissie's strength.
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  • Apr. 18, 2012, 7:48 AM
    The battleground euro/Swiss franc cross pops a bit higher on news the Swiss finmin is to hold a briefing at 8:15 ET. It's likely not an announcement of a hike in CHF 1.20 floor, but maybe instead to talk about the SNB's new code of conduct guidelines. EURCHF at 1.2025.
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  • Apr. 16, 2012, 8:04 AM
    Thomas Jordan is expected to be confirmed as SNB President this this week. He has been interim chief since January when Philipp Hildebrand quit after his wife's currency dealings were detailed. Jordan is a strong proponent of and maybe even the architect behind the CHF 1.20 floor on the euro/franc price.
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  • Apr. 16, 2012, 3:50 AM
    Swiss PPI rose a less-than-expected 0.3% in March on a monthly basis, with prices falling 2% Y/Y.
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  • Apr. 13, 2012, 3:59 PM
    "They are out of their tiny little minds ... (it) can only end in failure," says Jim Trott of the SNB and its announced 1.20 floor vs. euro. Trott was the chief dealer for the BoE in 1992 when it failed to hold its floor against the Deutsche mark. It's a different dynamic here as the Swiss are trying to keep the franc from strengthening vs. the Brits who were defending the pound. Still, the market is way bigger than the SNB.
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  • Apr. 11, 2012, 2:50 PM
    The SNB may be set to fry the Swiss franc bulls and take the euro/franc floor up to CHF 1.25 from 1.20, suggests Goldman's Jim O'Neill. He notes key Swiss politicians have said the cross should be around 1.35-1.40, and if markets don't relent, the central bank may have to act. FXF +2.3% YTD.
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  • Apr. 10, 2012, 9:13 AM
    More from the SNB: Since the central bank imposed the 1.20 floor on the euro, its reserves have barely grown, suggesting its resolve has yet to be tested. "We have not been impressed by the recent ceiling management," says a currency strategist. If the SNB is truly "resolved," expect to be impressed soon. The cross remains slightly above the floor at CHF 1.2022.
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  • Apr. 10, 2012, 7:17 AM
    SNB interim chief Thomas Jordan reiterates the bank's readiness to buy foreign exchange in unlimited quantities to support its CHF 1.20 floor against the euro. He also confirms the SNB was in the market Thursday as the euro briefly fell below 1.20 and says he can't exclude an offer underneath that level. Euro buying CHF 1.2028.
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  • Apr. 9, 2012, 12:34 PM
    The euro/Swiss franc cross breached the SNB's 1.20 floor for the 2nd time in a week last night, hitting CHF 1.1996 (currently back to 1.2014). Liquidity was thin as much of Europe remained on Easter holiday, but one wonders if the SNB is set to make a statement and burn the euro shorts as it gets back to full staff tomorrow.
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  • Apr. 6, 2012, 9:13 AM
    The interesting action is again in the euro/Swiss franc cross, where traders may be trying to take advantage of a thin market to push it through its 1.20 floor (as they did briefly yesterday, harkening a quick reaction from the SNB). The cross currently sits at CHF 1.2008.
  • Apr. 5, 2012, 7:28 AM
    "We won't accept any exchange rate below 1.20," says a SNB spokesman, trotted out after the euro briefly fell below that level vs. the Swiss franc. "We are committed to buying foreign exchange in unlimited quantities to defend this level." The euro is currently buying CHF1.2025.
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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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