The Euro/Swiss franc was the epicenter of the turmoil after the Swiss National Bank surprisingly pulled the rug from under the bulls’ feet on Thursday and let the dormant currency pair plummet to below parity from 1.20.
After resolutely holding up through the early part of this week, the bottom has dropped out of the euro over the last 48 hours. With the primary euro “buyer of last resort”, the Swiss National Bank, throwing in the towel, euro bulls have capitulated.
Today’s big trading story is undoubtedly the staggering drop in the price of copper. After today’s nearly 5% drop, the industrial metal is down over 14% already this year, building on the 16.6% plunge in 2014.