SNB Doesn’t Mention Euro-Peg, Franc Resumes Rally

SNB Doesn’t Mention Euro-Peg, Franc Resumes Rally

The Swiss franc gained today even after the Swiss National Bank announced yet another intervention. The explanation of such behavior is the fact that the Bank didn’t mention euro-peg, which it was considering, according to rumors.
The SNB wrote today:

The SNB has therefore decided to expand again significantly the supply of liquidity to the Swiss franc money market.

Markets counted on euro-peg, when they were pushing the franc lower, and were a bit “disappointed” when it hasn’t occurred. The franc weakened somewhat after the initial surge, but still remains above the opening rate.
USD/CHF fell from 0.7955 to 0.7847 as of 11:49 GMT today. EUR/CHF decline from 1.1463 to 1.1359 after posting the low of 1.1221 earlier today.

If you have any questions, comments or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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