All roads lead south for the euro

Regardless of the knee-jerk reaction to European quantitative easing, any stimulus package will put the euro under pressure over the medium term.

The Swiss National Bank gave us volatility on a historic scale last week as it rocked markets by abandoning the nearly three-year-old policy of supporting the value of the Swiss franc relative to the euro at 1.20. The Swiss franc consequently appreciated sharply across the board, distorting flows and liquidity market-wide.


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