THESE are strange and unnerving times in global financial markets, and if Thursday's jaw-dropping move in the Swiss currency didn't prove it, nothing will.
It is not every day that the currency of an advanced, economically important country rises by double-digit percentages against the currencies of other such countries within mere hours.
But that is what happened to the Swiss franc on Thursday. It was up 18 per cent against the euro as of Thursday morning, and at one point was up 39 per cent. Currency strategists were searching for any analogue in modern history for a similarly abrupt move in major Western currencies and kept coming up empty.
The Swiss move offers interesting lessons about the...
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