– This is a shock and I have no idea what happens next – commented Thursday’s events in an interview with PAP Ignacy Morawski FDI Bank.
– If there was such a fundamental breakdown and course in a single day was able to move about 20 per cent, it is impossible to predict how it will further change – he added.
On Thursday morning, the Swiss Central Bank (SNB) announced that it ceases to defend its currency and releases its course. SNB maintained so far. pegged, which meant that the euro could cost less than 1.2 franc. This decision caused a panic in the markets and the exchange rate of CHF / PLN climbed during the day even more than 5 zł, which was a historic level. On Wednesday afternoon, the Swiss franc cost 3.57 zł. According to analysts, the decision of the Swiss central bank will hit the Polish borrowers indebted in Swiss francs. Installment of approx. 700 thousand. people will go up sharply.
According Morawski, the decision of the Swiss National Bank (SNB) is confusing. – Since Monday SNB board member said that keeping the exchange rate of 1.20 against the euro will be the foundation of their monetary policy, it can be said that they cheated irresponsibly market – says the analyst.
– I understand that they had reasons to do it, but not three days later, and assured that this will be the foundation of their politics. The shock that in a country like Switzerland something like this happens – he added.
Also, Konrad Ryczko with BOS notes that the abolition of fixed exchange rate of the euro is a big surprise for him. – Any analysis assumed no one – he says.
The analyst admits, however, that it was strange that despite the negative interest rates, the franc’s exchange rate remained slightly above 1.20 previously. – It’s like someone put money anyway francs, with no guarantee of strengthening franc – he says. He admits that the suspected cause of action that the Russians, who wanted to “przewalutować in safe money.”
– When it comes to gold, you bet on a course near four gold – says Ryczko. Unless, he adds, the government will take any action. – Elections are coming, so you may receive some sausage election – says. However, the government may have a political problem, adds analyst, because support for holders of loans in Swiss francs may resent those who do not have these loans.
We can not exclude the opinion of some next steps towards a weakening of the Swiss franc, because for them the current franc “is murder for the economy.” – Today, no one really knows what’s going on and why the SNB pegged endured – he says.Przemyslaw April with XTB also believes that “at least for a few weeks franc against the zloty will be above 4 gold”. – Maybe for some time, and some of the dust has settled, the strengthening of the franc a little give, due to the fact that the SNB also introduced a negative interest rates. In stitutional investors will therefore have to pay for it, they keep the franc – April marks. – But surely this is not imminent and will not step process so as to strengthen the franc was jumping after today’s decision – he added.
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