We show the two phases or "two innings" of Swiss franc appreciation: The risk aversion game and the inflation game. With the weakening of emerging markets and the strengthening of the United States in 2013/2014, the Swiss National Bank (SNB) had won the first battle in the war against financial market, the "risk aversion game", the first inning in two-part match. Risk aversion is lower because the United States recovered with weaker oil prices. The "inflation game" started earlier than we expected, at least in the eyes of the Swiss National Bank, namely in January 2015. They anticipate higher inflation that will come with rising wages in the United States and Germany.
George Dorgan considers the following as important: CHF, Featured, GDP growth, inflation, Inflation Battle, newsletter, risk aversion, Swiss National Bank, Switzerland
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