Markets have reacted quickly to the Swiss money printing. Safe haven investors have decided to look for currencies that offer the same security. And they've found interesting new places: Norway and Sweden. These two countries currencies have not reached the same overvaluation that Switzerland had seen.
The investors who are really interested in safety in times of a melt down know: the SNB is more likely to push Switzerland into inflation along with the EUR-Zone than back down. The SNB president is a former pro swimmer, who would only bend to most extreme pressures, I reckon.
I picture the situation as follows: The CHF was the fit, strong soldier that everyone wanted to protect their property/assets with. The Captain America of currencies so to speak. Then he shot himself in the leg. He won't and can't be forced into battle anymore.
So if I were a hedge fund manager I'd really think twice about betting against the SNB... Especially as the real safe haven flows have easily found a new home in Norway, Sweden - countries with similar GDPs but less fundamental reason to intervene and floor their currencies....
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