Currency speculators should cancel, their flights to Switzerland and book a seat to the Czech republic. If the planes are already full, try Norway or Scandinavia.
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When Switzerland has a currency crisis it is because of the flood of money coming into the country, not because investors are fighting to withdraw funds. But the Swiss have been here before and history says the problem won’t go away easily.
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What a shame the Swiss franc is a currency with a country attached. The franc is everyone’s favourite medium of exchange except for the 8m people who live there. And the more global investors choose this safe haven, the less safe the haven is.
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When faith in world finances collapses investors traditionally move into the dollar. But with America’s finances in trouble they are switching to gold. Bullion has reached record highs as it becomes the new safe haven.
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Wherever you take a foreign holiday this summer you will probably have a ringside seat of the euro’s problems. But the place to be is Italy if you want to see the battle that will decide the single currency’s fate.
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The importance of casino banking to the City – and to HM Treasury – emerges clearly from the latest three-yearly survey of the global foreign exchange markets. Sterling is losing its attraction in the world, but London is still the place where countries swap their dollars for euros and yens for Swiss francs.
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Like F1 “fans” waiting for a car crash, international investors are watching to see who loses its AAA credit rating first – the United Kingdom or United States. Both countries have huge budget deficits and high debt: so which will be stripped of its top rating, or will both be downgraded?
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Does the bank of England have a secret policy to devalue the pound? It’s being highly successful if it has.
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Japan’s Nikkei stockmarket benchmark finished January six points lower, at 7,994, than the Dow Jones index of US share prices. Is it just numbers of it this inversion telling us something?
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The UK is suffering from global problems, the government constantly says. Well in that case, how come Britain has a record trade deficit and a falling currency?
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