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It appears the Swiss Franc continues to appreciate with respect to the Euro. In fact, Zero Hedge calls the EURCHF exchange rate 'the most trustworthy indicator for European "bankrunny[n]ess'". And, also, the Swiss National Bank has been intervening in the markets to lower the Swiss Franc's value, going as far as to drop rates by 0.75% yesterday (!) which may have been a contributing factor to the French banking scare in the stock markets.

WSJ: SNB Cuts Rate To Zero To Counter Franc Strength.

There were reports that Polish exchange offices had run out of Swiss Francs.

If this move by the SNB doesn't work, what else can they do? They've gone all out to the zero lower bound.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Aug 11th, 2011 at 02:56:59 AM EST
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