Iraq made financial headlines when it boosted gold reserves by 2% in one day. To understand why this is major news, let’s compare it to the fastest-growing currency against the US dollar, the Swiss frank. The rapid rise of the Swiss franc, happened in 2015. One single event is responsible for the Swiss franc blowing up. The Swiss National Bank suddenly withdrew the peg of 1.20 franks per euro on January 15, 20215. The central bank stated this was requested since the peg was no longer viable. In the immediate aftermath…the currency surged 30% against the euro and 25% against the US dollar. The decision shook the Forex market and put several foreign currency dealers out of business... [Post 1 of 2….stay tuned]
