Swiss National Bank News
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The dollar rose against most major peers after Federal Reserve Chairman Ben S. Bernanke said the central bank may taper monthly bond purchases at its next few meetings if it’s confident of sustained gains in the economy.
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U.S. stocks slid, dragging benchmark indexes to their worst drop in three weeks, and Treasuries and gold tumbled on concern the Federal Reserve will scale back stimulus efforts if the labor market improves.
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Swiss National Bank President Thomas Jordan said a shift of the cap on the franc and negative interest rates are among steps the central bank could take, prompting the franc to break through 1.26 per euro for the first time in two years.
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The Standard & Poor’s 500 Index returned to a record as a Federal Reserve official said bond purchases should continue and Goldman Sachs Group Inc. forecast the stock rally will last at least through 2015. Treasuries rose and the yen pared earlier losses while grains and gold fell.
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The introduction of negative interest rates on banks’ excess deposits could help the Swiss National Bank cool the country’s real-estate market, according to the International Monetary Fund.
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The Swiss National Bank will maintain its cap on the franc as long as necessary to ward off deflation and doesn’t consider creating a sovereign wealth fund for its currency reserves “sensible,” board member Fritz Zurbruegg told L’Hebdo.
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Swiss investor confidence fell in May, signaling the economy may struggle to gain momentum as the neighboring euro area stays weak.
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The Swiss franc fell to the lowest since late January against the euro after a measure of unemployment in the U.S. unexpectedly fell, damping demand for the safest assets.
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The Swiss National Bank’s cap on the franc is still necessary and the central bank has to use other measures to control Switzerland’s booming property market, said Vice President Jean-Pierre Danthine.
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Swiss consumer prices extended their longest slump in at least four decades in April.
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