Swiss Move Roils Global Markets

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  • Thread starter StevieTNZ
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  • #1
Switzerland’s central bank triggered turmoil in the markets Thursday when it unexpectedly scrapped its cap on the Swiss franc’s exchange rate against the euro, a move that unleashed new volatility among bonds and currencies around the world and further underscored growing concerns about global economic prospects.
Casualties mounted from the Swiss currency shock as a U.S. online brokerage said client debts threatened to push it out of compliance with capital rules and a New Zealand-based dealer went out of business.

A news report about the NZ based dealer going out of business is available -
  • #2
The Swiss Franc is the sixth most-traded currency on the planet, and it exploded in value this morning by 15 percent.

Swiss franc jumps 30 percent after Swiss National Bank dumps euro ceiling
(Reuters) - Switzerland's franc soared by almost 30 percent in value against the euro on Thursday after the Swiss National Bank abandoned its three-year old cap at 1.20 francs per euro.

Apparently the Swiss government printed about 500 billion francs in 2011- and when the Euro gets in trouble, people buy Swiss francs.

It's nice to be wanted.
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  • #3
People call the CHF the "Euro without Greece".
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