Soaring Swiss franc value “astonishing”, says City academic
Keith Pilbeam, Professor of International Economics and Finance at City, provided analysis to media across Europe following dramatic changes in the value of the Swiss franc.
Professor Pilbeam explained that the world's foreign exchange market had not seen a day of such activity for more than two decades.
The Swiss franc rose in value by around 30 per cent against the euro in just five minutes.
The activity followed an announcement by the Swiss National Bank that it was ending its policy of keeping the value of its currency at a minimum rate of 1.20 francs per euro.
"We have not seen a day like this in the foreign exchange market for over 20 years, and many people have been caught completely by surprise," said Professor Pilbeam after breaking the news in a blog post.
"Some stand to make huge gains, but others like hedge fund investors could make very substantial losses."
One of the country's leading experts on financial markets, the academic was consulted by ITN on the issue and was quoted in articles in The Times and Wealth Manager, as well as The Independent and its sister paper i.
Professor Pilbeam also wrote a piece for The Conversation, where he labelled the activity "astonishing", while a number of European publications featured his analysis.
He gave comments to the Russian edition of Metro, SPEAR's Russia and German publication Hessische Niedersächsische Allgemeine.