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Despite its negative rate, Swiss franc viewed as better than gold to beat inflation

Section: Daily Dispatches

By Helen Cahill
The Telegraph, London
Friday, June 17, 2022

The Swiss franc is now a better hedge against spiralling inflation than gold, according to bank analysts.

Deutsche Bank has said the Swiss franc is "better than gold" as a safe haven amid the cost-of-living crisis after the Swiss National Bank delivered a surprise 50 basis-point hike in interest rates.

... Dispatch continues below ...


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Switzerland's central bank on Thursday raised rates for the first time in 15 years with a hike from minus 0.75% to minus 0.25%.

The central bank's decision came shortly after the U.S. Federal Reserve raised rates by 75 basis points and comes ahead of a likely increase by the European Central Bank.

Robert Winkler, currency analyst at Deutsche Bank, said: "This rate hike will come as a considerable surprise to the domestic market in particular, where expectations for any policy change had been minimal going into this meeting.

"Combined with the large rate hike, the signal to the market is even clearer than it has been in recent months: The SNB now desires a stronger Swiss franc. The rationale is clear: to prevent the transmission of excessive inflation from the eurozone." ...

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