Currency, which strengthened against the dollar after the announcement of QE, include high-yield and commodity currencies (AUD, NZD, CAD) and Swiss franc. The rationale for the commodity unit is easy to find in the context of a larger preference for Kerry trade as part of the currency portfolio. With regard to the Swiss franc, it seems to be declining because of a combination of factors, such as a strong fear of sovereign debt in the euro area, together with the search for safe harbor in a general reduction in rates. SNB could use something like a respite in recent months, despite the fact that growth against the dollar in more than played in the light of trade-weighted basket against the backdrop of a stronger euro (Swiss exports to the eurozone sostavlyaetbolee 50% of total exports). Last week, the Swiss franc has restored about 50% drop from September 7 on a trade-weighted index.
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