July 31st, 2020
Swissie leading charge out of dollars
As the dollar's slide accelerated on Friday amid heightened angst about the looming U.S. election, the Swiss franc led the way to 5-year highs against the greenback - back to levels seen around the so-called "Frankenshock" of early 2015 when the Swiss National Bank unexpectedly unleashed a blinding franc surge by abandoning a targeted cap against the euro. Although the SNB's ongoing intervention and balance sheet expansion is proving successful in keep a lid on the franc against the euro, the franc's surge against the dollar appeals to those both looking at alternatives to the dollar and traditional "safe havens" amid pandemic and political uncertainties.
Chart by Ritvik Carvalho and commentary by Mike Dolan.
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