The Swiss franc's rebound from a three-month low against the euro shows that even bank charges for deposits and a lull in Europe's debt crisis cannot deter demand for the currency.
The Zurich-based Swiss National Bank (SNB) will keep its franc ceiling at 1.20 per euro today, according to all 14 analysts in a Bloomberg News survey. While the currency weakened after Credit Suisse Group said on December 3 it would set negative rates for franc cash balances, it pared almost all those losses in a three-day run of gains. A similar move by UBS yesterday failed to push it beyond last week's low of 1.2168 per euro.
Switzerland's central bank amassed record foreign currency holdings that reached 429 billion francs in September as it defended the ceiling imposed a year earlier. While pressure from investors seeking a haven has eased since a European Central Bank pledge to purchase government bonds, the SNB president Thomas Jordan has said it is too early to discuss abandoning the measure.
"The resilience of the franc is a testament to the fear lingering in markets," said Peter Rosenstreich, the chief foreign exchange strategist at Swissquote Bank in Geneva. "There are concerns that the problems of the European crisis are far from over. The SNB still has work to do."
SNB policymakers introduced the cap after the franc strengthened to near parity with the euro in August last year, hurting exporters such as Swatch Group, the largest Swiss watchmaker, and increasing the threat the economy would slip into deflation. Mr Jordan has said it will defend the measure with the "utmost determination" by buying "unlimited quantities" of euros.
The central bank, which holds a press conference at 10 am in Bern today following a meeting of its three-member governing board, will leave the benchmark interest rate at zero, according to all 18 economists in a Bloomberg News survey. "Demand for francs depends significantly on the risk appetite of investors," said Mr Jordan last month.
* Bloomberg News
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UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Sholto Byrnes on Myanmar politics
Mobile phone packages comparison
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The years Ramadan fell in May
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
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Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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