NEW YORK ( TheStreet) -- Wells Fargo strategist Sameer Samana says the 40% rise in the Swiss franc against the euro will mostly impact upon companies that do business with Switzerland in the euro area. "They'll need to adjust to the new levels of exchange," he said.
Samana told TheStreet TV that along with the drop in oil prices and a lousy fourth quarter for investment banks the Swiss franc news is "one more thing to add to the volatility to start the year out."
We've seen oil rig counts drop in the U.S. and OPEC cutting production, Samana said, but he has a "wait-and-see" attitude on the impact it will have on the economy.
Samana cited lower trading volumes and lower interest rates for sour fourth-quarter investment bank earnings. He said first-quarter volatility might pump up trading volumes and influence bank profits where we might see some positive surprises.