Switzerland's manufacturers are taking massive hits after the Swiss National Bank (SNB) unexpectedly abandoned the country's exchange rate controls with the euro this morning.
The Swiss franc is now up about 14% against the euro, as of 11.40 a.m. GMT (6.40 a.m. ET). The suddenly strong franc is a massive problem for a lot of Swiss exporters. For example, a luxury item sold by a Swiss manufacturer is now 14% more expensive to a German customer.
Watch and jewellery manufacturers, as well as financial firms are getting knocked.
Swatch CEO Nick Hayek isn't sitting on the fence. He told Reuters: "today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country."
Read more Click Here / www.trade4x.net
The Swiss franc is now up about 14% against the euro, as of 11.40 a.m. GMT (6.40 a.m. ET). The suddenly strong franc is a massive problem for a lot of Swiss exporters. For example, a luxury item sold by a Swiss manufacturer is now 14% more expensive to a German customer.
Watch and jewellery manufacturers, as well as financial firms are getting knocked.
Swatch CEO Nick Hayek isn't sitting on the fence. He told Reuters: "today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country."
Read more Click Here / www.trade4x.net
No comments:
Post a Comment