When Switzerland shocked the world by dropping its peg of 1.20 Swiss francs per euro, it did real damage to the global respect of central banks, widely followed investor Dennis Gartman told CNBC Friday.
That's because the Swiss National Bank had just recently said it would stick by its peg far into the future, and just days later changed its mind, he said.
"That just causes great more disconcertion, great more disrespect for central banks, generally," the editor and publisher of The Gartman Letter said in an interview with "Closing Bell."
The move will also create a lot of earnings headwinds for multinational corporations in the S&P 500, David Bianco, chief U.S. strategist at Deutsche Bank, said.
"We're now more convinced that the euro will continue to weaken," he said. "The clarity here is that there's no certainty on where rates are going, where currencies are going and where commodity prices are going, and lots of uncertainty therefore on earnings."
One sector that won't be too affected are the major banks, Gartman said. It is the mortgage holders and corporations that funded themselves in inexpensive Swiss francs that are going to suffer the most damage, he noted.
"Suddenly they find themselves with mortgages that are now 20 percent more value than they had, debts that are now 20 percent larger than they thought they had. Those problems will come to the fore in another two, three, four weeks," he said.
Gartman's trade: long gold in euro and yen terms, which he said has done very well for him, and he thinks it'll continue to do so.
Bianco said it is difficult to find beneficiaries of a strong U.S. dollar but is leaning toward the stronger part of the market, like health care, utilities and big-cap, reasonable P/E tech.