9/24/11

CHF Appreciation Takes Its Toll, August Swiss Exports Tumble Most Since De

P bli hed on Ze oHedge (h p://

Home > CHF App ecia ion Take I Toll, A g S i

. e ohedge.com)
E po T mble Mo Since Decembe 2008

CHF Appreciation Takes Its Toll, August S iss E ports Tumble Most Since December 2008
B T le D den C ea ed 09/20/2011 - 07:52
[1]

S bmi ed b T le D den [1] on 09/20/2011 07:52 -0400 Reali

[2]

S i

F anc [3]

S i

Na ional Bank [4]

Vola ili

[5]

Follo ing p on he p e io o of a gold efe end m p h d i en b he SNB' la di ch choice o peg he CHF o he EUR and po en iall pa fo hi b elling gold, e ne lea n ha hen i come o i c enc , he S i Na ional Bank eall ha no op ion , follo ing a long o e d e collap e in e po in A g hen he CHF oa ed on global i k a e ion and j befo e Hildeb and a ed loading p he "a e " ide of hi balance hee i h E o . Unfo na el , j like la ea hen he SNB in e ened and loaded p on dolla onl o end i in e en ion follo ing ma i e pape lo e , hi ime ill be no diffe en and e e pec ha he S i people ill ee he ade off be een keeping a iable c enc and a o nd e po ec o a one ha ill l ima el benefi he fo me . A o ha happen o he la e , he e i Goldman i h a di c ion of he h ge collap e in S i A g e po , hich i a ha binge of hing o come hen he SNB' la e in e en ion a emp i o e led in e e al mon h , and eali ea e i elf. F om Goldman' Di k Sch mache Big decline in e po

BOTTOM LINE: Real e ports contracted b 7%mom in August, their biggest decline since December 2008. Real impo o e ligh l (+0.9%mom) and he ade pl na o ed f om CHF 2.8bn o CHF 0.8bn. To ab ac f om mon hl ola ili , e end o foc on he h ee-mon h o e h ee-mon h a e age a e of e po g o h. Thi fell in o nega i e e i o (1.9%) in A g fo he fi ime in 2011.

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9/24/11

CHF Appreciation Takes Its Toll, August Swiss Exports Tumble Most Since De

1. The h S i ade da a a hi i g' e ea e, he 3% e i ed h a 1.4% e e h eeh a e age ba i ( c ac ed b 1.9% i A g ea . I hed e e e

aiea d e e i i . I deed, i c ac i i ea e i J a a i . Ne e he e , a h eeh h h a i i ), e - hei ec d e 3 /3 g h aef , he dec i e i e i ab e (Cha 1).

2. Wha ' i i g i ha hi e c ac i - hich e e ec dee e e he c i g a e a he agged effec f CHF e g h c bi e i h ea e e e a de a d f he E e a d e e gi g a e g ba ha ha e ed e a i e a e. The e e f ea e e b 14% i he ea J e 2011, a e i d e hich he CHF a ecia ed ha . Tha aid, he a ecia i f he c e c e ed c ide ab i he idd e f hi ea . I he h ee h i ea A g 10, he ade- eigh ed S i f a c a ecia ed b 21% (Cha 2). We i c i e ee he ega i e i ac f CHF e g h S i e e e he c i g a e (Cha 3).

3. The e da a fi e ef a ce i i

' de b a i e (Cha 4).

gge

a de e i a i

i ac a

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9/24/11

CHF Appreciation Takes Its Toll, August Swiss Exports Tumble Most Since De

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CHF Appreciation Takes Its Toll, August Swiss Exports Tumble Most Since De

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