- Turmoil
- Crisis
- Panic
Those are the three stages of a financial calamity like the one in Europe. For a time after the LTROs it looked like the crisis was easing back into turmoil but that’s no longer the case.
Instead, the crisis is arguably at its worst point. For now, the markets are orderly but the longer Europe remains in crisis mode with no sign of official action, the higher the probability of a disorderly rush to safety.
The low print on EUR/CHF today on EBS was 1.2009 but some broker screens have printed lower. The Swiss National Bank better ready its firepower because the battle is coming.
