The Swiss franc was little changed against the euro after the European Central Bank unveiled an unprecedented round of measures, taking pressure off the Swiss National Bank to step up the defense of its its currency cap.
On the heels of last week’s decision by the Federal Reserve to trim stimulus, central banks in Europe will probably maintain a steady course this week. The European Central Bank and the Bank of England will hold their key rates at record lows, according to economists surveyed by Bloomberg. The Reserve Bank of Australia will also keep its benchmark rate at a record low.
In a small workroom whose window overlooks the Umbrian countryside, women hold gray silk-linen cardigan sweaters up to light tables one-by-one, checking every knot and seam. When a worker finds a hole, she puts the sweater in a bag destined for repair or recycling.