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Swiss franc scraps euro peg

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Comments

  • purch
    purch Posts: 9,865 Forumite
    One way bets in the FX market NEVER go one way :eek:
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • buglawton
    buglawton Posts: 9,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    As a result of this, there will be a lot of Unintended Consequence dominoes to fall over the next weeks
  • kabayiri
    kabayiri Posts: 22,740 Forumite
    Part of the Furniture 10,000 Posts
    Okay, I need to distill some of the technically complex advice offered here, and focus on the key question :

    Do I need to resume my stockpiling of Toblerone?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    New Zealand foreign exchange dealer Global Brokers NZ was also forced to close due to hefty losses incurred from the currency turmoil.

    Following the closure, New Zealand's Financial Market Authority said it would "be seeking assurances that the client funds have been protected and segregated."

    Forex trading firm FXCM said it might not be able to respect certain regulatory capital requirements due to "unprecedented volatility."

    First oil. Now Forex. Greek elections still to come.

    Nothing like uncertainty in the markets! :grouphug:
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    Thrugelmir wrote: »
    First oil. Now Forex. Greek elections still to come.

    Nothing like uncertainty in the markets! :grouphug:

    Next is Grexit;)
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Jonbvn wrote: »
    Next is Grexit;)

    OPEC will shortly be renamed NOPEC.
  • gfplux
    gfplux Posts: 4,985 Forumite
    Part of the Furniture 1,000 Posts Photogenic Hung up my suit!
    Strangely in my local supermarket this morning (in Luxembourg) there was a large sale of Toblerone all with Christmas packaging. Perhaps someone had gone long on chocolate!......or had they gone short?

    Now that is what I call complex.
    There will be no Brexit dividend for Britain.
  • IronWolf
    IronWolf Posts: 6,445 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Couple of FX brokers are bankrupt due to the franc shock, have to wonder if any spread betting platforms will have been caught out, I can see them having a few customers that have got annihilated from it. A little £1 a pip long bet would have lost £4k in minutes!
    Faith, hope, charity, these three; but the greatest of these is charity.
  • kabayiri
    kabayiri Posts: 22,740 Forumite
    Part of the Furniture 10,000 Posts
    Jonbvn wrote: »
    Next is Grexit;)

    I heard that too on lunchtime tv, a politics show.

    Presumable 'Greek Exit' is far too contrived a term for the masses to understand.
  • Masomnia
    Masomnia Posts: 19,506 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    worldtraveller wrote: »
    ... some rubbing their hands in glee!

    I did wonder who would benefit. Presumably the EUR has been worth 1.20 CHF ish since the cap was imposed, who would bet on the CHF rising when there's a cap? Is there any reason to?
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
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