(Source: ftalphaville Posted by Izabella Kaminska) – Here’s an interesting view on the consequences of the SNB’s move from Societe Generale’s Sebastian Galy.First of all, as others have noted too, Galy believes the decision to defend a 1.20 level floor against the euro is credible this time, since the environment is very different. Not only is there a political will to intervene, measures like CPI — which are dropping — justify an expansion of the monetary base.

Source: ftalphaville Posted by Izabella Kaminska

Sep 06 13:18

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