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[waldron] 24/1/2024 21:43

1 EUR = 0.9394 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 24 Jan 2024 at 9:42 PM.

[sarkasm] 24/1/2024 12:21

1 EUR = 0.9422 CHF

The live Euro to Swiss Franc exchange rate (EUR CHF) as of 24 Jan 2024 at 12:20 PM.

[the grumpy old men] 24/1/2024 09:20

Despite the pain for companies, Switzerland should nonetheless escape relatively unscathed, declared Swiss National Bank President Thomas Jordan on Tuesday.

A stronger franc has helped dampen inflation in Switzerland but has also been painful for domestic companies, according to Swiss National Bank President Thomas Jordan.


This content was published on January 24, 2024 - 08:46

Bloomberg

“The nominal appreciation of the franc has lowered inflation,” Jordan said on Tuesday at a banking event in Brig in southern Switzerland.

“The real appreciation was much lower, but the franc has also appreciated in real terms in 2023. And that hurts, companies feel that,” he said, adding that Switzerland should nonetheless escape relatively unscathed.

“Economists are confident that there won’t be a recession — and we are also confident, otherwise we would forecast one,” Jordan said. “So no recession, just weak growth.”

+ Why is the Swiss franc appreciating so much?

Jordan’s remarks come after the franc recently reached its highest level against the euro in more than two decades. The SNB has allowed some appreciation in a bid to keep inflation in check, but it’s not clear if the central bank remains comfortable with the currency’s persistent strength.

+ Five questions about the Swiss price watchdog’s inflation warnings

Latest available data show that the bank intervened to strengthen the franc through September. The SNB is unlikely to have restarted its purchases of foreign currency to push down the franc, economists at UBS said in a study published on Friday.

Jordan also echoed earlier remarks that the SNB expects Swiss inflation to approach the 2% ceiling of its target range this year, but that it won’t breach that mark until 2026. Economists expect a first SNB rate cut in September.

Bloomberg L.P.




the SWI swissinfo.ch newsletter.

[ariane] 24/1/2024 07:52

1 EUR = 0.9439 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 24 Jan 2024 at 7:51 AM.

[ariane] 23/1/2024 07:47

1 EUR = 0.9451 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 23 Jan 2024 at 7:46 AM.

[waldron] 22/1/2024 20:37

1 EUR = 0.9458 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 22 Jan 2024 at 8:36 PM.

[adrian j boris] 22/1/2024 12:45

1 EUR = 0.9455 CHF

The live Euro to Swiss Franc exchange rate (EUR CHF) as of 22 Jan 2024 at 12:44 PM.

[ariane] 22/1/2024 07:55

1 EUR = 0.9468 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 22 Jan 2024 at 7:54 AM.

[florenceorbis] 20/1/2024 21:39

Swiss Franc Strength No Longer a SNB Priority

Modified: Thursday, 14 December 2023 11:39 GMT
Written by: Gary Howes


The Swiss National Bank (SNB) no longer sees maintaining Swiss Franc strength as a top priority, suggesting 2023's top-performing currency can't depend on vigorous support from its central bank in 2024.

The Franc edged lower after SNB kept rates unchanged at 1.75%, as expected, leaving markets to focus on Governor Jordan's guidance.

Jordan said the SNB is "no longer focusing on foreign currency sales", while the SNB removed from official guidance that it continues to intervene in favour of CHF appreciation.

"Most of the attention was on the SNB's view on the Swiss franc," says Simon Harvey, Head of FX Analysis at Monex Europe. Harvey says all signs point to the central bank now being cautious of notable currency appreciation.

The SNB also issued growth forecasts for the first time, revealing the SNB sees the economy slowing from a current rate of 1% to 0.5-1% next year.

It now sees inflation averaging below its 2% ceiling a year earlier than it did a quarter ago, suggesting a deflationary outlook.

In short, the services of a stronger Franc are no longer required. Unsurprisingly, perhaps, CHF is the worst-performing G10 currency on the day next to the USD:

The Pound to Franc exchange rate is up by a third of a per cent at 1.1034 at the time of writing, the Euro to Franc is higher by 0.23% at 0.9501, and the Dollar to Franc conversion is flat at 0.8715.

The SNB has nurtured a stronger Franc in 2024 by actively selling foreign exchange, noting that a strong exchange rate cushions against imported inflation, thereby proving itself as a useful strategy in bringing inflation back to the 2.0% target.


"The SNB has been buying Swiss francs to reinforce its appreciation, which has had the effect of reducing imported inflation but has also worsened the competitiveness of domestic exporters," says Charlotte de Montpellier, Senior Economist for France and Switzerland at ING Bank.

In March, the SNB introduced language that said it actively intervenes in favour of CHF appreciation, but this language has now been removed.

"Further franc appreciation against the euro amidst a weaker external growth and inflation environment posed a recession and deflation risk in Switzerland," says Harvey.

"Today’s SNB decision suggests that the central bank is sensitive to the prospect of EURCHF nosediving below the 0.94 handle on a more dovish ECB or increased recession risks in the eurozone," he adds.

Monex says we are now entering an environment where two-sided FX intervention on the CHF is a risk for markets, a dynamic that should keep EURCHF supported around 0.95.

"Furthermore, given the SNB’s updated inflation forecasts, which now have inflation averaging 1.9% next year and 1.6% in the following year, we think it is only a matter of time until rate cuts come into scope for the central bank," says Harvey.

This could put 2023's top-performing currency on the back foot in 2024.

"The SNB confirmed today that it is no longer focusing on FX sales," says Chris Turner, head of FX research at ING. "EUR/CHF can remain stable near 0.95/0.96 next year."

[waldron] 19/1/2024 18:16

1 EUR = 0.9469 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 19 Jan 2024 at 6:15 PM.

[the grumpy old men] 19/1/2024 16:12

1 EUR = 0.946 CHF

The live Euro to Swiss Franc exchange rate (EUR CHF) as of 19 Jan 2024 at 4:11 PM.

[ariane] 19/1/2024 07:54

1 EUR = 0.9448 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 19 Jan 2024 at 7:53 AM.

[misca2] 18/1/2024 17:57

1 EUR = 0.9435 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 18 Jan 2024 at 5:56 PM.

[the grumpy old men] 18/1/2024 11:00

1 EUR = 0.9417 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 18 Jan 2024 at 10:59 AM.

[ariane] 17/1/2024 08:10

1 EUR = 0.9378 CHF

The live Euro to Swiss Franc exchange rate (EUR CHF) as of 17 Jan 2024 at 8:08 AM.

[ariane] 16/1/2024 07:19

1 EUR = 0.9383 CHF

The live Euro to Swiss Franc exchange rate (EUR CHF) as of 16 Jan 2024 at 7:19 AM.

[ariane] 15/1/2024 07:43

1 EUR = 0.9361 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 15 Jan 2024 at 7:42 AM.

[ariane] 12/1/2024 06:52

1 EUR = 0.9355 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 12 Jan 2024 at 6:51 AM.

[ariane] 11/1/2024 06:03

1 EUR = 0.9332 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 11 Jan 2024 at 6:02 AM.

[adrian j boris] 10/1/2024 19:42

1 EUR = 0.934 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 10 Jan 2024 at 7:41 PM.

[ariane] 10/1/2024 12:41

1 EUR = 0.9338 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 10 Jan 2024 at 12:40 PM.

[ariane] 08/1/2024 07:31

1 EUR = 0.9313 CHF

The live Euro to Swiss Franc exchange rate (EUR CHF) as of 8 Jan 2024 at 7:30 AM.

[florenceorbis] 06/1/2024 09:25

1 EUR = 0.9309 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 6 Jan 2024 at 9:24 AM.

[waldron] 05/1/2024 16:41

1 EUR = 0.9295 CHF


The live Euro to Swiss Franc exchange rate (EUR CHF) as of 5 Jan 2024 at 4:40 PM.