(Bloomberg) For Swiss National Bank President Thomas Jordan, the franc’s precipitous drop to a 20-month low against the euro has come at a helpful moment after an open season for attacks on his policies. Just over two weeks ago, his institution endured one of the most stinging critiques of its monetary regime in recent years, as a trio of prominent economists accused officials of not trying hard enough to stoke inflation. That followed a salvo three months earlier from the opposite perspective as the U.S. Treasury under Donald Trump’s former administration branded Switzerland a manipulator, damning its framework for capping currency gains with interventions. Now, after portfolio shifts by global investors positioning for higher inflation sent the franc down 3% within a fortnight, crossing the 1.10 per euro mark, SNB officials suddenly have breathing space on both fronts. With the Swiss economy suffering due to the pandemic, the weaker currency can give growth and inflation a welc
Der fallende Franken verschafft der SNB wieder Luft zum Atmen
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SNB Breathes Again as Franc Drop Rebuts Criticism on Two Fronts
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Swiss Economy Seen Tipping Into Recession on Virus Shutdowns
Feb 15 2021, 11:55 AM
February 12 2021, 4:18 PM
February 15 2021, 11:55 AM
(Bloomberg) Switzerland is sinking into recession because of business closures to combat the pandemic, according to economists surveyed by Bloomberg.
(Bloomberg) Switzerland is sinking into recession because of business closures to combat the pandemic, according to economists surveyed by Bloomberg.
While the nation has less-stringent rules on social distancing than neighboring countries, shops, restaurants and leisure facilities are still closed at least until the end of February.
The median forecast was for a 0.7% drop in gross domestic product in the final quarter of 2020, and a further contraction of 0.6% in the first three months of 2021. Figures for the end of last year are due later this month.