Forever blowing bubbles...
The Swiss franc has been appreciating – against the US dollar – and the US dollar index has been under pressure since a brief spike in late March as COVID-19 gripped the world. Ingham Analytics make an analogous point that central bankers are all fans of West Ham United – referencing the West Ham anthem "I'm Forever Blowing Bubbles." Currency volatility has risen, the dollar and other major units of account are vulnerable, and the financialization of world equity markets has reached extremes unrecorded in modern financial history. The note includes fascinating stats. To quote the anthem, bubbles, like dreams, fade and die.
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