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Swiss franc shocks Forex

MADRID | By J.P. Marín ArreseThe Swiss National Bank decision to scrap the € 1.20 ceiling on its currency on Thursday caught investors by surprise. The ensuing steep appreciation, more than 30%, has also bewildered the Swiss monetary authorities. Shock waves hitting the Euro have sent its quote to fresh lows against the dollar, plunging the Forex into utter disarray. Furthermore, as short-term deposits will bear negative interest rates the key financial sector is bound to face rough times.   


Why All Currencies Are National

By Jean Pisani-Ferry via CaixinActions by America’s Justice Department launching a probe against BNP Paribas are a reminder that the major international currency – the U.S. dollar – brings with it legal, judicial and political dimensions.