Look for:

Our offer for

Research Detail

2021/06/17 / Erste Group Research

SNB führt expansive Geldpolitik fort

Die Schweizer Nationalbank hat heute (17. Juni) den Zins auf Sichteinlagen bei der Nationalbank bei -0,75% belassen. Der Franken bleibt, nach Einschätzung der SNB, hoch bewertet. Die SNB ist daher weiterhin bereit, bei Bedarf am Devisenmarkt zu intervenieren.

Ein starker Inflationsanstieg in der Eurozone und vor allem in den USA stärkte den Franken zuletzt. Wir gehen davon aus, dass der Inflationsanstieg in beiden Währungsräumen temporär sein sollte. In diesem Umfeld erwarten wir, dass sich der Franken zum Euro wieder abschwächen wird.

Allerdings stellen die Sorgen vor global länger anhaltend höheren Inflationsraten ein Risiko für unsere Prognose dar. Denn in Phasen mit global steigenden Inflationserwartungen ist der Franken mit seinen vergleichsweise deutlich geringeren Inflationsraten ein attraktives Anlageziel, um erwartete Kaufkraftverluste von Kapital zu reduzieren.

PDF Download Download PDF (137kB)

General information

AuthorErste Group Research
Date2021/06/17
Languagede
Product nameShort Notes Hauptmärkte
Topic in focusMacro/ Fixed income
Economy in focusSwitzerland
Currency in focusSwiss Franc
Sector in focus-
Download





Decline
Accept

We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.

INFORMATION FOR PRIVATE CLIENTS / CONSUMERS

Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.

Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended). For this reason, the distribution or redistribution of the information, materials and products into United States or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited. The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.

By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.