Risk appetite has improved, with stock markets bolstered yesterday by stronger than expected US consumer spending data which helped relieve some of the worst fears about the economy there slipping back into recession. This sees traditional safe haven currencies under pressure.
The Swiss franc has been particularly hard hit, loosing more than 2% against the euro and dollar at one stage. Here, downside was compounded by Friday’s threat by UBS to charge clients a fee on deposits as a measure to discourage them from hoarding the CHF in recent volatile market …
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