Bond Outlook [by bridport & cie, January 24th 2007]
The CHF at 1.62 to the EUR! This is getting serious! We have already suggested that the CHF is losing or has lost its safe haven status. Some believe it might regain it if the Middle East blows up or some other world catastrophe happens. The Swiss run themselves extremely well: no political shocks, hardly any strikes, moderation in all things, including inflation, but are these features enough to justify interest rates permanently and significantly below those of the neighbouring countries. |
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