UBS holds Swiss franc lead despite intervention

Ed Pla
Ed Pla, UBS

When the Swiss National Bank (SNB) intervened to stem the appreciation of the Swiss franc in September 2011, implementing a floor of 1.20 on EUR/CHF, the currency depreciated sharply in a market move that badly hurt some participants, while allowing others to profit considerably.

In the 14 months that have passed since then, the SNB has resolutely defended the floor, remaining true to its word to buy unlimited quantities of euros in defence of the minimum rate. EUR/CHF remained almost flat at 1

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