Debt Rattle January 18 2015
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DPC Main Street north from Sixth, Little Rock, Arkansas 1911 • How The US Dollar Stacks Up Against Major World Currencies (AP) • This Is The Case For
[See the full post at: Debt Rattle January 18 2015]“Yet in pulling off the move, the SNB – a conservative institution in a safe-haven state – failed to tip off its peers and shocked investors, who were left wondering whether central banks are now less a source of stability and more one of a risk. “The bottom line: central banks are a lot less predictable than in the past few years.”
I don’t know why these central bankers say anything at all. Their mouths should be stapled shut. Take away all price discovery, then tip off your friends, and then bring everything back home. Free markets all the way, baby!
“However Adam Myers, European head of FX research at Credit Agricole, said that some market participants appeared to have been aware that the SNB’s decision was coming before the official announcement.
“It definitely looks like to us,” he said on Friday. “There was a movement in the market well ahead of the headlines (from the SNB).”
He also said there was a “huge flow” of Swiss francs — around 34.2 billion — into Switzerland during December, according to the SNB, which is around 10 times the monthly average.
“You wonder why the Swiss had to break the peg – they were brought to bear by the enormous strain of money flowing into the country during December.”
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