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Swiss Franc Crumbles As SNB Effectively Eases Rates by Narrowing LIBOR Target

Swiss Franc Crumbles As SNB Effectively Eases Rates by Narrowing LIBOR Target

2011-08-03 07:22:00
Jonathan Granby,
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THE TAKEAWAY: SNB narrows LIBOR target > Effectively a rate cut > EURCHF rises

In a shock move, the Swiss National Bank (SNB) announced they have narrowed the target range for the three-month LIBOR from 0.0%-0.75% to 0.0%-0.25%. The SNB said that it is aiming for a three-month LIBOR “as close to zero as possible”, effectively easing and adopting a zero rate policy. For a number of months the central bank has intimated no action on the franc unless signs of deflation emerged. But with the franc continuing to strengthen relentlessly to record highs, it appears that the central bank has had enough and has moved to curtail additional franc gains. The SNB repeated its comments that franc strength is threatening the development of the economy and increases downside risks to price stability domestically.

Swiss_Franc_Crumbles_As_SNB_Effectively_Eases_Rates_by_Narrowing_LIBOR_Target_body_chf.png, Swiss Franc Crumbles As SNB Effectively Eases Rates by Narrowing LIBOR Target

The franc was under severe pressure instantly with Eur/Chf spiking as players exited shorts and reversed their positions in reaction to the unexpected action by the SNB. Nevertheless, it is still too early to tell if the move will have any lasting impact on what has been a monstrous Franc bull trend.

Written by Jonathan Granby, DailyFX Research Team

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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