Europe is having another bout of ugliness today. Italy is down 3%.
There was once a time when a good ol’ European freakout would have casued the Swiss Franc to surge, but not these days.
Just like we keep saying, it all comes down to the dollar. On days like this, people want dollars, and sell everything else. On risk on days, people sell dollars and buy everything else.
Swiss Franc now just behaving like any other asset, dumped when people get nervous.
Here’s a look at CHF vs. USD.
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