Lock, stock and all barrells
The US Fed, Bank of England (BoE) and Swiss National Bank (SNB) have all moved to full quantitative easing (QE), accompanied in the SNB's case by a shotgun blast to weaken the currency that in trade-weighted index-terms was trading just off record highs. The initial implications in all cases have been a sharp lurch lower in local units - EUR/GBP drilled higher after the first BoE announcement and EUR/CHF experienced an unprecedented one-day rise post-SNB. The broad Finex Dollar basket plummeted
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