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Contrary To UBS' Expectations, SNB Keeps Rates Flate At 0.25%, Rumor Of CHF Intervention As CHF Plunges Over 100 PIPs
Despite UBS' expectation of a 25 bps hike, the SNB kept its rates flat at 0.25%. Yet applying some parallel universe principles, the bank announced that it is lowering its inflation expectations even as it boosted its GDP growth estimate to 2.5% from 2%. This in itself was sufficient to weaken the CHF, although the dramatic move in the currency crosses have led many to believe that Phillip Hildebrand just couldn't take the pressure and decided to sell a few billion of the currency now that FX intervention is the norm. We are waiting to hear if the SNB confirms or denies any intervention this morning.
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And confirming and denying are confirming or confirming by denying?
And silence is confirming by being mute.
So its been confirmed?
"Is it safe?" - Laurence Olivier in Marathon Man
duh my head hurts ....
This is, fundamentally, an extremely bullish development for gold.
Throughout history, in times of economic duress, money has moved into Switzerland and gold. Now, even the Swissies can't be trusted to defend their currency. All fiat is subject to devaluation. Gold is the only safe currency.
GBPCHF and EURCHF even more of an extreme move...
First the Yen, then the CHF, will CAD be next?
Relatively speaking, I suppose most would swap their financial problems for those facing Switzerland. Nobody will walk away totally unscathed.
Then did he raise on high the Holy Hand Grenade of Antioch,
saying, "Bless this, O Lord, that with it thou mayst blow thine enemies to
tiny bits, in thy mercy." And the people did rejoice and did feast upon the
lambs and toads and tree-sloths and fruit-bats and orangutans and breakfast
cereals ... Now did the Lord say, "First thou pullest the Holy Pin. Then
thou must count to three. Three shall be the number of the counting and the
number of the counting shall be three. Four shalt thou not count, neither
shalt thou count two, excepting that thou then proceedeth to three. Five is
right out. Once the number three, being the number of the counting, be
reached, then lobbest thou the Holy Hand Grenade in the direction of thine
foe, who, being naughty in my sight, shall snuff it."
Would Sir like a waffer thin Swiss MBS? Oh go on. Made with the finest Hungarian ingredients!
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