from Jesse’s Café Américain:
The Swiss National Bank shocked the currency markets this morning by dropping its manipulation of the Swiss Franc in the currency markets against the Euro.
More on this later. They make seek to dampen the effect and diminish its importance, but this is huge.
One has to wonder what the SNB was seeing that made them roil the markets and take this kind of hit to their balance sheet, estimated at around $100 Billion, which is a good chunk of the Swiss GDP.
More on this later. Not many understand what is happening in the currency markets.
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