Gerald Celente: The Financial And Political Volatility That Will Grip The World In 2015 (Video)
(N.Morgan) Gerald Celente is a world renowned American trend forecaster and publisher of the Trends Journal, a business consultant and when he speaks of the economic situation in the world, many are wise enough to listen. In this latest analysis, Gerald talks to Rick about the tsunami of shockwaves sent out by the Swiss National Bank today by decoupling the Franc from the Euro. Gerald Celente joins Rick to discuss the financial and political volatility that will grip the world in 2015.
The Swiss National Bank roiled markets worldwide with its unexpected decision to abandon the franc’s cap against the euro, knocking down what an official just two days ago reaffirmed as a pillar of policy.
Europe’s shared currency slumped 1.9 percent against the dollar before recouping much of the decline as traders reflected on the decision, which also saw the SNB deepen negative deposit rates. SNB President Thomas Jordan defended the move, saying surprise was necessary. The franc surged as much as 38 percent versus the greenback and gained against all 174 foreign-exchange values tracked by Bloomberg. Volatility jumped to a more than one-year high.
“This passive intervention in euro-Swiss was costly and not effective because for every euro the SNB was taking away, the European Central Bank stood ready to print another three,” Hans Redeker, London-based head of global currency strategy at Morgan Stanley, said in a conference call. “What today’s Swiss franc move did provide us, we think, is an opportunity of very cheap U.S. dollars, to buy the dollar cheap.”
The franc appreciated 23 percent to 97.55 centimes per euro at 5 p.m. New York time after earlier jumping 41 percent to 85.17 centimes, the strongest since the euro’s 1999 debut. The Swiss currency gained 21 percent to 83.92 centimes per dollar, after touching 74.06 centimes, the strongest since August 2011. JPMorgan Chase & Co.’s index of global currency volatility rose to 11.24 percent, the highest since June 2013, up from last year’s low of 5.28 percent.
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