Most of the central banks around the world (roughly 90 out of 110 monitored by Bloomberg data folks) are currently raising interest rates and slowing down money supply growth. This process, while similar in direction across the central banks involves differences in the speed at which interest rates are being raised in different economies. As the result of this differences, exchange rates worldwide have shifted, with the US dollar gaining strength against majority of other currencies. One interesting change that happened during the process of dollar strengthening is what happened to Euro and the Swiss Franc (CHF). USD has gained against both the Euro and the CHF over the last 12 months. But CHF also gained against the Euro at the same time. In other words, the Euro weakened against both the SUD and the CHF. In your opinion, what difference in the monetary policies between the Swiss National Bank (SNB), the Fed and the ECB can explain this phenomena? What differences in the real economies of Switzerland, vs the Euro area and the US can help explain it?