Tuesday, September 06, 2011

@AllAmerInvest Markets, Swiss, Jobs, Forecast, Italy

Market tone: Stock futures sharply lower; dollar higher; Treasurys higher; Nymex crude down at $84.73; gold lower at $1,897.66.

By Bob DeMarco
All American Investor

Franc plunges after SNB pegs it to euro. The Swiss franc was -7.5% vs. the dollar and -7.9% vs. the euro midday in Europe after the Swiss National Bank set a minimum exchange rate of 1.20 francs per euro to counter the strength of the currency and its safe-haven status. Citing "an acute threat to the Swiss economy," the SNB said it "is prepared to buy foreign currency in unlimited quantities."

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Huge General Strike Hits Italy

Italy's largest union, the CGIL, is holding a huge general strike today against the Italian government's austerity cuts, reports The Guardian.


Original content Bob DeMarco, All American Investor