By Bruce Krasting (Guest Post)
I have repeatedly said in these pages that for currency intervention to be successful it has to be done in conjunction with other big central banks. The Go it Alone policy has not worked over the past 20 years. I have no reason to expect that it will work this time either. I think the most important press announcement this AM is not from the SNB; it is from the ECB. There is little doubt from this that the SNB is in this all alone: “The Governing Council of the European Central Bank has been informed by the Swiss National Bank about its decision to “no longer…
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