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    1. August 28, 2015

      Switzerland avoids recession despite steep rise in franc

      Switzerland has unexpectedly escaped falling into recession, with the affluent Alpine economy weathering a steep rise...

    2. July 31, 2015

      SNB reports record loss after abandoning currency cap

      Switzerland’s central bank has reported a record SFr50.1bn loss for the first half of 2015 after earlier this year...

    Special Reports

    1. Foreign Exchange 2013

      After long months in the dark, currencies are coming back into the light...
    2. Foreign Exchange April 2012

      US dollar: The past four years have taken their toll and most strategists are wary of ...
    Search more Special Reports on this topic.

    1. July 27, 2015

      German confidence data extend euro rally

      Strong German business confidence data intensified a rally for the euro on Monday, helping to allay fears about signs...

    2. July 16, 2015

      Swatch: moment of reckoning

      The back of an iPhone proclaims that it is “designed in California, made in China”. That will not do for Swatch. The...

    3. June 22, 2015

      Swiss franc resists attempts to weaken

      When you scale a mountain, the challenge resides in climbing back down. That is proving the case for Switzerland’s...

    4. June 15, 2015

      Central banks enter the unknown with sub-zero rates

      For years, central bankers have treated the fabled interest rate known as the “zero lower bound” as if it were a...

    5. June 14, 2015

      Economic outlook: Fed interest rate announcement keenly awaited

      Inflation and interest rates are top of the agenda of this week’s announcements. On Wednesday the Federal Reserve...

    6. June 10, 2015

      US banks signal softer bond trading period

      US banks have warned of a softer period of bond trading in the second quarter, signalling that momentum has faded from...

    7. May 19, 2015

      Swiss private banks: no secret formula

      Uncle Sam has ruined all the fun. Under a deal between Switzerland and the US two years ago, Swiss private banks have...

    8. May 1, 2015

      Small funds struggle to find big backers

      It has been a complaint since the financial crisis that the big banks no longer want to deal with small businesses....

    9. April 26, 2015

      ‘Every [Swiss] pension fund manager is worried’

      It appeared to be a normal January morning in Zurich when the chief executive of a Swiss insurer began presenting his...

    10. FT Alphaville

      April 10, 2015

      Don't blame the locals too much for the Danish krone

      You may remember that the smaller corners of the European currency markets were unexpectedly interesting at the...

    11. March 26, 2015

      Foreign exchange still has the power to shock

      It is official: foreign exchange still has the power to shock. When the Swiss National Bank ended its currency’s euro...

    12. March 18, 2015

      Swissie and Kiwi among the FX vulnerable

      If the US dollar is to continue its longer-term rally, which currencies will suffer most in comparison? Candidates will...

    13. March 16, 2015

      Lafarge: carpe diem or die

      This had better be about the money. Holcim and Lafarge’s planned €41bn “merger of equals” fell apart on Monday when...

    14. The Exchange

      March 5, 2015

      Deflation poses central banks with an existential problem

      In the 1970s, even the best-performing, most credible central banks struggled to tame inflation. Today, even the...

    15. February 19, 2015

      The central bank minutes guessing game

      Call it too much of a good thing. After 21 pages of dusty prose from the US Federal Reserve about its January meeting...

    16. February 12, 2015

      Central banks take extreme action to stave off deflation

      Central banks are resorting to ever more radical means to prevent deflation strengthening its grip over European...

    17. beyondbrics

      February 12, 2015

      Keeping the pegs and the ceilings

      One of the few African proverbs that appears to exist other than in the minds of journalists searching for an intro is:...

    18. February 3, 2015

      Danish activism expands monetary policy

      In an age of central bank activism, few have been as active or innovative as Denmark’s. The Danish were the first to...

    19. February 2, 2015

      Swiss franc falls on Swiss National Bank trading band talk

      The Swiss franc fell to its lowest rate against both the euro and the dollar since the country’s central bank shocked...

    20. February 2, 2015

      Julius Baer cuts costs in bid to offset Swiss franc’s surge

      Julius Baer is to cut its costs by SFr100m ($108m) in a bid to offset the appreciation of the Swiss franc, which has...

    21. Gavyn Davies

      February 1, 2015

      How negative can interest rates go?

      As global bond yields plumb new depths, an unprecedented experiment in monetary policy is underway in two small...

    22. January 30, 2015

      Dollar rally stalls on rate rise rethink

      The Federal Reserve this week offered no new clues as to the next rise in US interest rates, which left dollar bulls...

    23. FT Alphaville

      January 30, 2015

      Is the DKK the new CHF?

      It’s been a long time since so many developed central banks were tested by free market forces. And free market forces...

    24. January 30, 2015

      Swiss franc drifts lower

      Switzerland’s franc fell further on Friday as speculation lingered that the country’s central bank could intervene to...

    25. January 28, 2015

      Beware Hungary’s cure for the Swiss franc mortgages hangover

      When the Swiss National Bank scrapped its cap on the Swiss franc two weeks ago and sent the currency soaring,...

    26. FT Alphaville

      January 28, 2015

      Why did the Swiss franc spike? Blame the locals

      There is a straightforward answer to the question in the headline: more money has been trying to get into Switzerland...

    27. FT Alphaville

      January 26, 2015

      It's not the euro that's getting cheaper; it's the dollar that's getting more expensive

      You may have noticed that a US dollar goes a lot further in much of Europe than it used to. In fact, it goes about 25...

    28. January 23, 2015

      BNYM eyes higher charges on big deposits

      Bank of New York Mellon is considering higher charges for customers who deposit large amounts of money in the latest...

    29. January 23, 2015

      Markets’ misplaced faith in central banks

      Our Draghi, who art in Frankfurt, hallowed be thy name. Mario Draghi’s €1.1tn of shock and awe — €60bn a month of bond...

    30. January 22, 2015

      Why ECB action is likely to stoke global currency wars

      Will quantitative easing by the European Central Bank succeed? Here’s a tip: watch the euro. Although Mario Draghi,...

    31. FT Alphaville

      January 21, 2015

      Just how big a day was Jan 15 for FX markets?

      The first numbers by way of CLS, the continuous link settlement system used by the vast majority of the FX market to...

    32. January 21, 2015

      Swiss central bank faces struggle to curb rise of franc

      By scrapping its currency cap, the Swiss National Bank solved one problem: It is no longer under pressure to fulfil an...

    33. January 20, 2015

      BlueCrest suffers losses in Swiss franc fallout

      BlueCrest has closed down the trading books of one of its senior currency traders in the wake of the sharp moves in the...

    34. January 20, 2015

      Bolder steps from Europe’s central bankers

      These are exciting times in European central banking. Last Thursday the Swiss National Bank suddenly terminated its...

    35. January 20, 2015

      Gold rally due as central banks add risk

      Carry traders are squeezed, the odd foreign exchange broker goes to the wall, central Europeans who borrowed in Swiss...

    36. FT Alphaville

      January 20, 2015

      Further reading

      Elsewhere on Tuesday, - Cass Sunstein versus the libertarians. - The retail FX market is a joke, redux. - The...

    37. January 19, 2015

      Gold rises amid expectation of ECB move on QE

      Gold rose to its highest level since August on Tuesday as investors sought safe places to park cash amid concerns about...

    38. January 19, 2015

      Swiss franc fallout claims more casualties

      A leading European foreign exchange broker filed for administration on Monday and a Danish bank conceded it faced heavy...

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