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Swiss Franc Plummets After Bernanke Speech

Swiss Franc Plummets After Bernanke Speech

2011-08-26 15:07:00
Christopher Vecchio, CFA, Senior Strategist
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THE TAKEAWAY: Federal Reserve Economic Policy Symposium > Chairman Bernanke Signals No QE3 > CHF Falls

Update: Swiss National Bank denies rumors of letter sent to banks to charge for deposits

It was the Swiss Franc – not the Euro or the U.S. Dollar – that found the most selling pressure in the wake of Federal Reserve Chairman Ben Bernanke’s speech earlier today. Speaking at the Jackson Hole Economic Policy Symposium, the Chairman of the Federal Reserve signaled no further easing measures, but did note that at an extended meeting in September, the Federal Open Market Committee would discuss further policy options.

USD/CHF 1-minute Chart: August 26, 2011

Swiss_Franc_Plummets_After_Bernanke_Speech_body_Picture_1.png, Swiss Franc Plummets After Bernanke Speech

Charts created using Strategy Trader– Prepared by Christopher Vecchio

Also making the rounds, in terms of what could have propelled the Swiss Franc to lows against both the Euro and the U.S. Dollar in just a few minutes, was a rumor that Swiss Bank UBS would begin charging clients for Franc deposits. Whether or not the rumor holds any water remains to be seen, but the situation should be monitored, because if it is a Swiss National Bank mandate, then the implications will extend to other Swiss Banks, and could drop the Franc lower (this has since been refuted since the original report suggested so).

EUR/CHF 1-minute Chart: August 26, 2011

Swiss_Franc_Plummets_After_Bernanke_Speech_body_Picture_4.png, Swiss Franc Plummets After Bernanke Speech

Charts created using Strategy Trader– Prepared by Christopher Vecchio

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

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

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