Comments in transcript of remarks from Thomas Jordan.
Jordan, I kid you not, was speaking at a Swiss watch industry event.
You don't want to piss off the Swiss watch makers.
Update:
- SNB to counter franc with intervention and rates
Serious stuff but very little reaction in EUR/CHF as it climbs a few pips to 1.0496.
Here's a good comment on the franc from Mohamed El-Erian:
"Because the exchange rate is a relative, not absolute, price, the SNB's predicament is indicative of far more than domestic issues. In this particular case, the franc's strength also points to a regional misalignment that has vexed Swiss authorities for quite a while: how to retain Switzerland's traditional standing as a safe harbor and its role as a home for foreign capital while the European Central Bank has adopted experimental monetary policies involving large-scale purchase of securities and significant expansions of its balance sheet."
