Today is Thu, August 24, 2017 8:51:41 GMT
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Currencies CHF Swiss Franc (CHF) Volatile On SNB Resignation!

Wow this one happened quickly and I guess where there is smoke, there is fire.  As I wrote in ttoday’s top story, there could be see some changes at the SNB because of currency trades made by the Central bank chief’s wife.  Within 30 minutes of writing that, it was reported that Philipp Hildebrand announced his resignation from leading the Central bank.

This is a potential blow to the Central bank as Hildebrand was respected and he is credited wioth being the architect of the Swiss franc (CHF) peg to the Euro above 1.20.  What is interesting about this is that unlike other Central bank interventions, this one appeared to have been working.

Will the markets test the new chief and the and attempt to buy Francs as there is a growing need for safe havens in the Euro zone.  Stay tuned!