Swiss franc on another sell spree

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Updated February 17, Here in Australia — and around the world — foreign exchange firms are selling the dream of instant riches. But for hundreds of Australia's 51, mum and dad retail forex traders, that dream has turned into a nightmare. The ABC can reveal that more than retail foreign exchange traders in Australia — often small investors who dabble in the forex market in their spare time — have suffered massive losses on their trading accounts.

On January 15, the Swiss National Bank sent foreign exchange markets into a spin when it unexpectedly removed a cap on its exchange rate. The cap was in place to stop the Swiss franc appreciating too much. The franc was seen as a safe haven, and an overvalued currency would make its domestic economy uncompetitive, and hamper economic growth. When the cap was unexpectedly removed, the franc appreciated by 30 per cent in an instant against the euro, and foreign currency traders holding the franc made windfall gains.

But those on the other side of the transaction were left scrambling to cover their losses and, forex swiss franc news the case of some of the world's biggest foreign exchange trading firms, exposed to hundreds of millions of dollars in losses.

FXCM's clients accept that they were liable to lose the capital they had contributed to their foreign exchange trading accounts. However, they argue that FXCM forex swiss franc news a widely-advertised policy of "no negative or debit balances", and its poor risk management led to losses spiralling out of control.

It is FXCM's policy to credit retail trading accounts to a zero balance when debit balances occur as a result of trading. One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker.

At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts are tracked by our "Margin Watcher" feature. With the Margin Watcher feature, forex swiss franc news account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions.

FXCM's aggrieved Australian clients argue that other brokers navigated the Forex swiss franc news franc shock in much better shape than FXCM because they had better risk management practices in place, and their clients' accounts were closed out quickly before losses spiralled out of control.

Because currencies tend to move in small increments, foreign exchange traders use leverage, or borrowing, to accentuate their profits. However, with leverage comes the risk of greater losses forex swiss franc news currencies move against the forex swiss franc news. FXCM has confirmed that of its 16, Australian clients had a negative balance as a result of the Swiss franc event.

The company said it has notified 10 handelsmakler hgb bloodborne that their negative balances need to be repaid. In the wake of the global financial crisis, the United States put a handbrake on the retail foreign exchange industry, limiting it to a maximum leverage ratio of The Australian Securities and Investments Commission says the question of greater controls is one for Government, but it has repeatedly warned consumers that leveraged foreign exchange trading is a risky product.

However, victims of the Swiss franc meltdown argue that ASIC should have policed the industry more thoroughly. Because this time it happened in the currency space, but who knows what is the next time bomb? First posted February 12, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow.

I'll never forget how the neurologist gasped when he placed Mum's MRI results up against the light. But that was just the start. The Australian Government is helping develop a tourism industry on the Papua New Guinean island it detained asylum seekers on. Filled with stubby coolers, fishing lures and messages of support, a humble esky makes a baton relay journey of its own.

Breaking news Victoria Police suspend forex swiss franc news officers after video showed alleged use of excessive force Breaking news Mother accused of forex swiss franc news assaulting daughter at group sex parties charged with further 81 offences. Exclusive by business reporter Neal Woolrich. Australian retail foreign exchange traders lost millions due to the Swiss franc's sudden appreciation last month. Do you know more about forex swiss franc news story?

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The Swiss Franc has come under another wave of pressure with a devaluation through this week. Recently the Bank of England have hinted towards raising interest rates in March which has given the pound a boost against the Swiss franc.

Further hints towards a hike should help the pound, however with the recent positive run, I expect the governor to remain neutral and the pound to finish the week at current levels.

In other news the US will release their latest Non-Farm Payroll numbers, unemployment rates and average earnings. Non Farm is expected to be released just. GBP CHF has been given a considerable boost after the transitional agreement was reached last week between Britain and the EU which has helped support the pound considerably. The transitional deal gives Britain access to the single market for another 18 months which should prevent what has been described as a cliff edge Brexit.

There are currently some much better opportunities to buy Swiss Francs although these levels may not last indefinitely. The ongoing issues surrounding Brexit which include the Irish border and financial.

The Pound has started the week off on a very positive note vs the Swiss Franc breaking past 1. The Pound has now hit the best rate to buy Swiss Francs with Sterling since January and is now only 2 cents from the highest level.

The Swiss Franc is weaker on fading concerns over numerous international events that can make the Franc stronger. Expectations are also linked to the upcoming Swiss. The relationship between strong economic performance and a stronger underlying currency is somewhat skewed in regards to the Swiss Franc, as the currency is often considered.

The Swiss Franc has continued to remain above 1. The Pound received support Pound hits 2 month high vs the Swiss Franc Tom Holian. Will a pick up in the Swiss economy result in a stronger Swiss Franc? Will the Pound maintain its strong levels against the Swiss Franc? Swiss Franc Exchange Rates. Close Window Loading, Please Wait! This may take a second or two.