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2019/12/12 / Erste Group Research

Short Note SNB | SNB behält expansive Geldpolitik bei

Die Schweizer Nationalbank hat heute (12. Dezember) den Zins auf Sichteinlagen bei der Nationalbank bei -0,75% belassen. Sie ist weiterhin bereit, bei Bedarf am Devisenmarkt zu intervenieren, und berücksichtigt dabei die gesamte Währungssituation. Die expansive Geldpolitik ist angesichts der Inflationsaussichten in der Schweiz nach wie vor notwendig.

Nachdem sich auf globaler Ebene für 2020 ein konjunktureller Aufschwung abzeichnet, gehen wir davon aus, dass die Risikobereitschaft von Investoren ansteigen sollte. Dadurch sollte die Nachfrage nach Sicheren Hafen Veranlagungen wie dem Schweizer Franken weiter abflauen. In diesem Umfeld gehen wir von einer fortgesetzten graduellen Abschwächung des Frankens zum Euro in 2020 zunächst in Richtung unseres Modellwertes von rd. 1,14 aus.

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General information

AuthorErste Group Research
Product nameShort Notes Hauptmärkte
Topic in focusMacro/ Fixed income
Economy in focusSwitzerland
Currency in focusSwiss Franc
Sector in focus-


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