Since October 15, gold, yen and Swiss francs have all been pummeled by what increasingly looks like a “dollar” repeat from the start of Q3. It is difficult to suggest whether there is any shift in safe haven bid in all three, but I would guess, as with Q3, it may not have mattered as the “dollar” function globally has [...]
On January 15, the Swiss National Bank suddenly and without warning removed the franc’s peg to the euro. Months later, there is still much confusion as to why they acted, including some of the usual doctrinaire assessments that take no account of wholesale “dollar” reality. In other words, the SNB was explicit on January 15 though nobody apparently listened. The [...]
In contrast to the franc, the Danish krone continues to ignore ongoing speculation. The latest has seen rumors of not just direct buying by Danmarks Nationalbank but now even full-blown capital controls. Before yesterday, the krone had traded at or near 7.444 to the euro for 20 consecutive trading days; now surging today. In other words, the Danes don’t have [...]
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