The Swiss populace just lost 8% of their purchasing power. Yeah, they are gonna love this.
I’m confused.
switzerland will not tollerate an exchange rate below 1.2 francs per euro so they announce a plan to buy unlimited amounts of foreign currency and this sends the franc tumbling?
None of this makes any sense to me.
This article is for anyone who thinks hedge fund guys are whiz kids. It’s amazing how they can’t see macro trends right in front of their face.
The Swiss have been bitched more than once about what the rising price of gold was doing to their currency. At some point they were going to have to do something. Hedge fund dudes might have wanted to lighten up a bit in anticipation.