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Switzerland just became a LOT more expensive

 Poster: A snowHead
Poster: A snowHead
Switzerland just announced it is scrapping its Euro peg (was 1.2 chf per Euro) and gone free float.

Instant reaction is that rate moves below Euro parity, approx. 1.25 chg per £ (from 1.55 or so)
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Ouch. That's going to make our tentative ski weekend plans very much focused outside of Switzerland now! Which is a shame, because the public transport makes it easy and I quite fancied going back to Lenzerheide/Arosa now they're linked.
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 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
Wow - 30% drop vs Euro in one day.
Interesting and it will have implications.
The Swiss were well aware their strong currency hurt exports and tourism.


Last edited by Well, the person's real but it's just a made up name, see? on Thu 15-01-15 11:14; edited 1 time in total
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Where is this confirmed? I've searched the internet and can find nothing on it! Thanks.

Ignore that - just found it on the BBC!
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Swiss franc was pegged to the euro so kept falling - guess they decided enough was enough - trading now at 1.04 per euro from 1.20, and 1.36 per £ from 1.55
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Ace reporting... Euro Plummets vs the Swiss Franc.

Any other major European currencies plummet vs the CHF too? or was it just the Euro?

Took a while to find that. BBC had 2 blokes climbing a cliff in US as moer important news this morning.
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http://www.ft.com/home/uk
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Just in the middle of a big project in Switzerland. Trying to assess the ramifications of this. Unlikely to be good.
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On BBG http://bloom.bg/156lqSw
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Any other major European currencies plummet vs the CHF too? or was it just the Euro?
[/quote]


£ and $ .

Even those travelling to France via Geneva airport will suffer , expect higher Flight prices and Hire car rates
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The graph here: shttp://www.xe.com/currencycharts/?from=GBP&to=CHF hows the GBP falling off the cliff versus the EUR

Edit... Typo. Should be versus the Swissie


Last edited by snowHeads are a friendly bunch. on Thu 15-01-15 10:54; edited 2 times in total
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Normally the BBC just obfuscates exchange rates when talking about UK/EU economy (often uses inverse of the rate that people usually use, or compares with US$), but are BBC now officially as rabidly anti-EU, anti-Euro/Eurozone as that Peston bloke? I guess so.

I'm sure the price of a 2015 vignette and a meal made mostly of cheese will cost the same tomorrow as it did yesterday.
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Good graphic of the fall vs the pound.

http://www.xe.com/currencycharts/?from=GBP&to=CHF
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 You know it makes sense.
You know it makes sense.
Quote:

GBP falling off the cliff versus the EUR

erm the only cliffs I'm seeing is CHF-USD, CHF-EUR, CHF-GBP

EUR-GBP, EUR-USD have a glitch of about €0.008 and recovering to about €0.0025 (give or take a bit)
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@andy, given that it was pegged to the Euro and the peg has just been removed, it seems fairly logical to concentrate on the effect of the removal of the peg on those two currencies Puzzled
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Why didn't they say CHF soared vs EUR (what it was pegged to) and GBP (which is pretty relevant to most readers of Beeb website) ?
EUR vs all the currencies that matter to UK seem to be a glitch a little bit larger than the intra-day drift over the last 24hrs.
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...or your Eurozone holiday just got a bit cheaper.

Now showing 1.2996 euros to a pound.
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Currently GBP is 12% down versus CHF http://www.bloomberg.com/quote/GBPCHF:CUR So, it has recovered a little of the lost ground.
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@andy, well, the USD is still the leading reserve currency, followed by the EUR, so you might say that including the GBP would be a bit parochial
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Typical panic - the actual rate feel from around 1.55 to the pound to 1.49. This will matter if you are spending millions, over the course of a holiday I can't imagine I will even notice the difference....

Markets always have a "glitch" when these things are announced then rational behaviour returns very quickly, as was seen this morning.
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Just as I was thinking about a late season weekend in Verbier via GVA - thats that plan scuppered then rolling eyes
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"However, it's not every day that a central bank pulls the rug out from underneath something in such a massive way, and clearly people are worried that there's something bigger afoot."

Many believe the euro will fall even further if the European Central Bank (ECB) starts quantitative easing, buying bonds to push cash into the eurozone banking system to stimulate a recovery.


EUR/GBP rate:


CHF/GBP rate:


Last edited by Then you can post your own questions or snow reports... on Thu 15-01-15 11:21; edited 2 times in total
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Markymark - the currency will settle, somewhere between 1.45 and 1.50 (barring any major surprises). It will be a wee bit more expensive to go to Switzerland but not that much! What you see happening now is quite a big spread (between buy and sell rates) which is a good indication that the rates being traded are driven by automated models which spread risk rather than rational long term outlook. In other words the current rate is more influenced by short term trading that is usual and will trend back to its rational level of around 1.45 over the next few days. Follow it and see if I am right!
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I still have a 100 CHF note in my wallet - can I buy France yet?
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The view at BBG

“I would suggest very few saw this coming,” said Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. in London. “The market price action suggests that without a floor, euro-Swiss has no bid and will likely push lower.”

The franc appreciated 16 percent to 1.0131 per euro at 10:03 a.m. London time. It gained 16 percent to 85.75 centimes per dollar, after touching 74.06 centimes, the strongest since August 2011.


Yes, there has a massive reaction. The next day will give a better indication of where things might settle.
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We import from the States and export to the Eurozone. The last three months changes have been a disaster for us. At least my beer in Italy will be a little cheaper...
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EURO-CHF way more affected than EURO-GBP or EURO-CHF

so impact on Brits not so big ?


Last edited by And love to help out and answer questions and of course, read each other's snow reports. on Thu 15-01-15 11:36; edited 1 time in total
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Haggis_Trap wrote:
EURO-CHF way more affected than EURO-GBP

so impact on Brits not so big ?


With any luck the dreaded Dutch will be priced out of Sass Fee this year, fewer people on the pistes and less rudeness in resort should result!
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 You know it makes sense.
You know it makes sense.
@Haggis_Trap, erm but what about CHF-GBP ? That'll have some impact on brits?
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I knew I should have bought the railway tickets last week! Evil or Very Mad
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They now have an interest rate of -0.75%! Shows what a state the rest of Europe must be in when people are buying Swis Francs, knowing they're going to be charged interest rather than paid it.
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wonder will make hire car from swiss side of gva more expensive
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 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
Oh well, I'm off to Wengen in just over a week's time, fortunately I've already bought my swiss railways transfer ticket and my lift pass (at a discounted rate) so just have to take care of the hotel bill and I just have enough CHF in my wallet from last year to cover that. Might have to buy some more though for lunches, coffee stops and the occasional beer though! Madeye-Smiley
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andy wrote:
@Haggis_Trap, erm but what about CHF-GBP ? That'll have some impact on brits?


CHF-GBP and EURO-GBP has only shifted a little
The main shift (30%) is EURO-CHF
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@Alastair Pink, If you stick to happy hour it seems like you will make out of it!
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dublin2 wrote:
wonder will make hire car from swiss side of gva more expensive


Just managed to book mine at the same price as quoted yesterday but thought it best to get in quick!
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andy wrote:
@Haggis_Trap, erm but what about CHF-GBP ? That'll have some impact on brits?


Excuse my typo Very Happy
CHF-GBP and EURO-GBP has only shifted a little
The main shift (30%) is EURO-CHF
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Fortunately paid for pretty well everything in advance for Crans-Montana early March. Lunch might be a bit frugal.
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@zikomo, nice explanation. I will follow, and hope you are right.
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not according to my charts

chf-gbp and chf-eur are both cliffs. eur-gbp is little more than noise
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