See Local News
Get Balanced News From Your U.S. State.
See Local News
See all locals

Swiss Franc Move Sets Markets Quaking

Posted on AllSides January 15th, 2015
From The Center

Switzerland’s central bank triggered unprecedented turmoil in the currency market on Thursday after it unexpectedly scrapped a cap on the franc-euro rate, underscoring the difficulty central banks have protecting their economies from developments beyond their borders.

The abandonment of the cap, which had essentially pinned the currency at 1.20 francs a euro for the last 3½ years, prompted a 33% collapse in the euro versus the franc—the biggest single-day move in a developed market traders could recall. Swiss stocks fell nearly 10% as traders worried the stronger franc would hurt...

Read full story
Some content from this outlet may be limited or behind a paywall.

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right