Currency floor breach raises questions over SNB policy

Swiss National Bank headquarters in Bern

A controversial breach of the Swiss National Bank's (SNB) minimum exchange rate for EUR/CHF on April 5 – and the ongoing testing of the minimum rate this week – has raised questions among traders over whether the SNB should adjust its procedure for enforcing the minimum rate.

According to a memo sent to clients by interdealer broker Icap on April 5, the EBS platform printed a market low of 1.19900 in EUR/CHF at 09:41 GMT that day, despite the SNB's policy – implemented in September 2011 – to

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