Jan 2015 - clik 1 - clik 2 - clik 3 - clik 4 - clik 5 - clik 6
TERREMOTO MONETÁRIO: Suíça golpeia Euro, se desliga do barco que afunda. Mundo fica atônito.
The Eurozone has been spiralling deeper into its pit of misfortunes, slipping into deflation in December 2014. This accelerated the strength of sentiments that the European Central Bank (ECB) will implement a robust quantitative easing (QE) programme, to help bolster the region’s economic growth. Such a move would pose a significant expense to the SNB, who would have to spend more in buying up euros to maintain the peg. As the SNB had been maintaining its euro peg successfully for more than three years, the central bank’s announcement on Thursday that it had abolished the peg stunned investors yet again, and caused market turmoil.
.jpg)
The Swiss National Bank’s dismantling of its ceiling on the value of the Swiss franc yesterday stunned the financial world. Jim Armitage and Russell Lynch of the Independent called the ensuing jump up in the value of the Swiss franc an earthquake; Social media called it “Francogeddon;” while the CEO of Swatch, Nick Hayek, called it “a tsunami for the export industry and for tourism, and finally for the entire country.” Thomas Jordan, the head of the Swiss National Bank,explained, “If you decide to exit such a policy, you have to take the markets by surprise.” At points during the day yesterday, the Swiss franc was as much as 39% more expensive relative to the euro and the US dollar than it had been the day before. Exchange rate movements have yet to settle down, but seem to be headed for something closer to a 15%-25% increase in the value of the Swiss franc. In my Dec. 19, 2014 column “The Swiss are now at a negative interest rate due to the Russian ruble collapse” I made three predictions. On one, I was spectacularly wrong. On the second, I was exactly on target. As for the third, its time has not yet come, but will.
