This morning the Swiss National Bank (SNB) reported to eliminate the cap if 1.20 franc per euro. News that stunned monetary business sectors, sending the money taking off against the euro and stocks plunging on feelings of dread for the fare dependent Swiss economy. Scratch Hayek previously commented and now Edouard Meylan, CEO of H. Moser & Cie. sends an open letter to the SNB’s president.
Switzerland is a fare country, around 10% of their fare comes from the Swiss watch industry, including Rolex, Swatch Group and Richemont, who will have their yearly reasonable exchange – the SIHH – one week from now. Offers drooped, with Swatch Group and Richemont down more that 10%. Pattern Group’s CEO Nick Hayek said recently: “Words bomb me. The present SNB activity is a tidal wave; for the fare business and for the travel industry, lastly for the whole country.” (source: Bloomberg ) And he’s not by any means the only one who quickly needs to communicate something specific. So does Edouard Meylan, CEO of H. Moser & Cie. Here is his open letter to SNB’s president Jordan, in full.