Usd/chf forex crunch

It was quite a surprise when the US Federal Open Market Committee released its statement following the 15 June monetary policy meeting: It should be noted that maximum employment is a primary Fed mandate.

It is stated in every policy meeting statement: In a nutshell, if the number of people seeking employment goes uncounted, the unemployed rate declines. It must be noted that the Fed uses other measures as well. The big question is whether employment gains had reached an inflection point.

Over the past several years the employment situation has improved remarkably, by the numbers , but the quality of the new jobs created, for example, in terms of wage compensation, hours worked and skills required, has been mediocre at best.

New statements are compared against previous statements for indications of a policy change. One particular sentence in the 15 June statement stood out: US Fed officials are considered the top economist in the nation and as such are often invited as guest speakers.

Now, with the increasing potential of a sudden accelerating slowdown in the global economy, the Fed will be even more cautious. What does this mean for the US Dollar safe haven reserve currency? The important difference to keep in mind is that US, by far, is a consumer economy; it imports far more than it exports. Hence a stronger dollar benefits its major trade partners.

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The SNB was hopeful for a Fed which would remain on track towards a stronger US Dollar, thus relieving pressure from the Franc. A key pressure relief valve for the Franc may now remain closed for longer than expected. Once the dust settles, the SNB will likely regain its footing, albeit with a significantly overvalued Franc.

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