That giant sucking sound you hear is the net worth of the average American dropping like a rock. It fell $11.2 trln in 2008 and $5.1 trln in q4 alone, to $51.5 trln. It will be down again in Q1, barring a miracle.
The 16:00 GMT fixing proved much less dramatic today than yesterday. USD/JPY is rebounding after the fixing, now at 98.00 while EUR/USD is at 1.2795. The SNB apparently bought a bit more USD/CHF and EUR/CHF on their way out the door, dealers say.
