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• Switzerland’s central bank may have to consider resuming its battle with currency markets after the franc surged against the euro within two weeks of policy makers ending attempts to counter gains, economists and investors say. (Bloomberg)

Swissie on a tear for sure against the US dollar…hesitating at the 61.8% retrace from Nov ’09 low today, as speculators take the SNB seriously it seems, especially after this move…

USDCHF Daily: [Chart not available in text format.]

…and Swiss is smoking against the euro which is what the Swiss central bank is so concerned about…Swiss firms competing with German variety with that exchange rate disadvantage…

EURCHF Weekly:  I think this picture is clear. [Chart not ava Full post…

It looks like emerging market investors took my last post (“Investors” Shouldn’t Worry about the Euro) to heart, since emerging markets (EM) have continued to rally in spite of the Euro’s woes. To be sure, EM stocks, bonds, and currencies all dipped slightly in May when the crisis reached fever pitch, but they have since recovered their losses and are once again en route to record highs.

That’s not to say that that surge in risk-aversion wasn’t justified. In fact, investors are continuing to punish the Eurozone as well as a handful of other risky areas. However, an

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