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Swiss Currency Move Shocks Global Markets

Seema Shah
Strategist
Principal Global Fixed Income

On 15 January, the Switzerland’s central bank, the Swiss National Bank (SNB), surprised – no, shocked – economists and markets alike when it announced that it had abandoned the floor for their currency, the Swiss franc (CHF). Introduced in 2011, the minimum exchange rate target of CHF1.20 against the euro has prevented the Swiss franc from appreciating to a level that the SNB considers “overvalued,” allowing the Swiss economy to recover from the financial crisis. So why abandon it now?


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GLOBAL OUTLOOK
 

Fixed Income Market Bulletin - Dynamic Risk Score Update January 2015
Principal Global Fixed Income lowered the Dynamic Risk Score to a 6 reflecting heightened volatility and uncertainty regarding inflation and growth, possible rate hikes, global central bank policy, and volatile oil prices.

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INSIGHTS & EXPERTISE
 

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Searching for yield in riskier and illiquid assets may not be the answer. Consider shifting your focus to total return.

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Consider an absolute-return approach with volatility-controlled opportunistic credit.

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