NEWS : Switzerland abandons currency cap against Euro

 

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Switzerland’s central bank the Swiss National Bank (SNB) has abandoned the cap on the Swiss Franc’s value against the Euro. Abandoning its exchange rate control and cutting interest rates to -0.75pc sent the franc soaring, Swiss stock markets plunging, and a generalised state of chaos. In terms of the watch industry, the Swatch Group saw its share price slump 15% as Nick Hayek called the decision “a tsunami” for Switzerland’s economy. It has been reported that both the Swatch Group and Richemont have had 15% of their value wiped.  Fr more news and analysis, see the following links :

1. The Telegraph
2. Bloomberg
3. The Guardian
4. Marketwatch
5. BBC



Categories: Industry news, Switzerland, Watchmaking

2 replies

  1. :(::::::::::::: *CRY*

    Like

  2. Oh goodie… you can imagine, can’t you, how our beloved watch companies are going to react to that in order to keep executive bonuses at appropriately obscene levels?!

    Cheers,
    pplater.

    Like

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