Swiss franc surge sparks bets on return to negative interest rates

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Financial Times 20h ago

Swiss franc surge sparks bets on return to negative interest rates - Financial Times

Quick Summary:

Switzerland was added to a US list of “currency manipulators” in the final weeks of the first Trump presidency, in part due to its intervention to cushion the financial turmoil from the coronavirus pandemic.

Markets are pricing in an around 80 per cent chance of the rate falling to zero at the next meeting in June, with a small chance it could move into negative territory later in the year, according to levels implied by swaps markets.

Leaving aside the 2015 shock, the dollar is closing on its 2011 all-time low against the franc.“Maybe [the franc] just needs a calmer world than this,” said Société Générale’s Juckes.“The danger is, history says, over time, it gets stronger.