Biggest move ever against the dollar and the euro, following government intervention.
Jeff
Swiss franc
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superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
bl00dy hell.
the Swiss government has already wasted billions trying to suppress the franc. this looks massive (i.e. desperate).
that's the problem when you have a solid gold-backed currency and everyone else has a crap one.
it's a race to the bottom.
buy CHF/JPY (the Japanese will probably do the same again shortly).
the Swiss government has already wasted billions trying to suppress the franc. this looks massive (i.e. desperate).
that's the problem when you have a solid gold-backed currency and everyone else has a crap one.
it's a race to the bottom.
buy CHF/JPY (the Japanese will probably do the same again shortly).
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superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
Swiss set minimum euro-franc rate
http://www.bbc.co.uk/news/business-14801324
http://www.bbc.co.uk/news/business-14801324
the last time they tried this it resulted in err, a stronger franc.The SNB said it would enforce the minimum rate by buying foreign currency in unlimited quantities.
The Swiss should speak to Norman Lamont. He might have some good advice for them on taking on the markets!
Last year, the Japanese tried to weaken the yen. It had some effect, for a while. But as the attached chart shows, they were only able to stem the tide for so long.
Jeff
Last year, the Japanese tried to weaken the yen. It had some effect, for a while. But as the attached chart shows, they were only able to stem the tide for so long.
Jeff
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Just saw the following in the Telegraph re. the Swissie move:
From Jeremy Cook, chief economist at currency brokers, World First:
"That was the single largest foreign exchange move I have ever seen ... This dwarfs moves seen post Lehman brothers, 7/7, and other major geo-political events in the past decade."
Jeff
From Jeremy Cook, chief economist at currency brokers, World First:
"That was the single largest foreign exchange move I have ever seen ... This dwarfs moves seen post Lehman brothers, 7/7, and other major geo-political events in the past decade."
Jeff
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superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
Swiss National Bank chairman Philipp Hildebrand resigns
http://www.bbc.co.uk/news/business-16472416
http://www.bbc.co.uk/news/business-16472416
not only corrupt but a liar too.The chairman of the Swiss National Bank (SNB), Philipp Hildebrand, has resigned with immediate effect.
It follows revelations his wife Kashya bought $504,000 (£323,024) in August, three weeks before the central bank intervened to cap the Swiss franc.
He told a news conference he had "no knowledge" of his wife's transaction, which she later made a profit on.
er, no. another private banking representative just like his peers.He added: "I would like to think I have been a damn good central banker.
Last edited by superfrank on Tue Jan 10, 2012 9:01 am, edited 1 time in total.
'As Chairman of the Central Bank Governors in Basel, I speak for all my colleagues when I say that we are saddened by Philipp Hildebrand's departure from the Swiss National Bank.
We all know that he is a man of total integrity, extraordinary ability and, most important of all, courage. Such people are rare. His country will miss him.'
Sir Mervyn King
We all know that he is a man of total integrity, extraordinary ability and, most important of all, courage. Such people are rare. His country will miss him.'
Sir Mervyn King