5th September 2011
The credit crunch era has had various features but one recurrent one has been the strength of the so-called safe haven currencies of which the "currency twins" the Swiss Franc and the Japanese Yen have been at the forefront.
Only last month the Japanese Yen hit an all time high versus the US dollar and the Swiss Franc did the same against the Euro as it neared parity in what can only be described as frenzied trading.
Both countries have taken measures to try to stop this such as currency intervention and money supply expansion but right now we are seing an extraordinary surge in the Swiss Franc again. It is as if it has waited for the intervention measures to decline whilst repeating to itself the phrase made famous by the Terminator "I'll be back".